gulfnews : Dubai-based oil retailer Enoc expects loss of Dh2.7b in 2011

Dubai-based oil retailer Emirates National Oil Company (Enoc) said on Saturday the cost of providing subsidised fuel to its customers is expected to lead to a loss of Dh2.7 billion for the company this year.

"The current scenario, where Enoc has to bear the burden of higher international fuel prices while at the same time distributing fuel at subsidised rates, is clearly not sustainable or viable for the company.

"Enoc looks forward to the support of the concerned authorities in addressing the concern," the company said in a statement.

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