UAE fuel retailer Emarat will cut its oil imports by nearly half to 1.9mn cubic metres in 2014 after Abu Dhabi National Oil Company (ADNOC) takes over a number of its petrol stations in the northern emirates next year
Emarat’s gasoline requirements will decrease to about 1.6mn cubic metres of oil to 1.9mn cubic metres next year from 3.4mn cubic metres in 2013, company sources said.
An initial agreement signed in May 2012 gave ADNOC the right to take over Emarat’s pump stations in Sharjah, Umm Al Quwain, Fujairah and Ras Al Khaimah.
According to Reuters, oil imports will likely fall once Abu Dhabi Oil Refining Company (TAKREER) completes the expansion of the Ruwais complex, the UAE’s biggest refinery.
ADNOC currently imports up to 254,851 cubic metres a month of oil.
