Effective June, petroleum products retailer Adnoc Distribution, a unit of Abu Dhabi National Oil Company (Adnoc) will take over the running of 74 petrol stations operated by Emarat in Sharjah, Ras Al Khaimah, Ajman, Umm Al Quwain and Fujairah, with the Abu Dhabi-based company assuming full management control of the pumps from January next year, a top-ranking oil industry source told Gulf News yesterday.
Adnoc and Emarat yesterday announced the signing of a memorandum of understanding (MoU) through which Adnoc will acquire the 74 Emarat petrol stations.
"Initially, Emarat will assist Adnoc in running of the stations. Emarat will continue to honour its ongoing contracts with contractors and suppliers of gasoline, most of which will end by end-2012. By January, Emarat will be out and Adnoc will take full control of supply and distribution at the pumps," said the source, adding in this deal no financial transaction is involved and that the Emarat retail section employees at the pumps will be absorbed by the Adnoc unit under its expansion plan.
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