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FINANCIAL NEWS
Fuel crisis prompts Sharjah to shut down ENOC stations
26 Jun 2011
(MENAFN) After the Emirates National Oil Company (ENOC) failed to open its gas stations on Friday by the 3-day deadline set by the Sharjah Executive Council, the Sharjah Economic Development Department (SEDD) shut down all ENOC stations, reported Arabian Business.
For a month, ENOC stopped supplying fuel to 82 stations in Sharjah, Ajman, Umm Al Qaiwain, Ras Al Khaimah, and Fujairah saying that maintenance problems caused a fuel shortage. Sharjah’s Executive Council rejected this excuse.
Analysts say that the shortage is due to unsustainable government subsides. ENOC, along with EPPCO and Emarat, have been unable to make profits because they must buy fuel at market prices and sell at lower, government-controlled rates.
This is the UAE’s third fuel shortage in 10 months.
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