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FINANCIAL NEWS
Enoc denies reports about canceling license
07 Jul 2011
(MENAFN) Dubai’s Emirates National Oil Company (Enoc) said that rumors claiming that the UAE would cancel the company’s petrol stations licenses in the northern emirates were untrue and baseless, reported Gulf Daily News.
The company added that it had no knowledge of any interest by any other operator to take over the operations of Enoc’s petrol stations.
On the other hand, a newspaper’s report said that following a fuel shortage that lasted over a month, the federal government decided to allow Abu Dhabi National Oil Company (Adnoc) to take over Enoc’s and its arm Emirates Petroleum Products Company’s (EPPCO) petrol stations.
It is worth noting that according to the report, Enoc and EPPCO were pressing the government to permit a raise in fuel prices and told authorities that the cap was leading to massive losses amid rising global oil prices.
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