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FINANCIAL NEWS
ENOC has 72-hour deadline to pump fuel
23 Jun 2011
(MENAFN) Based on the instructions of Sheikh Abdullah bin Salem Al Qasimi, deputy ruler of Sharjah, the Sharjah Executive Council (SEC) gave Enoc Group a deadline of June 24 to restore services at all stations after weeks of petrol shortages in Sharjah, reported WAM.
After the 72-hour notice is through, the Sharjah Department of Economic Development is ordered to take disciplinary measures that may include the shutting down of all Enoc fuel stations.
Regulators had already instructed Abu Dhabi National Oil Company (Adnoc), to assist in easing the issues Enoc faces with fuel shortages.
It is worth noting that fuel retailers in the UAE including Enoc and Emarat had earlier stated that the difficulties they are facing are due to buying fuel at market prices and selling it at government fixed prices.
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