The handover process of 74 petrol stations by Emarat to Adnoc Distribution in the Northern Emirates is expected to be completed by mid September 2012.
The move follows losses incurred by Emarat to the tune of Dh80 million in the Northern Emirates section of its gasoline sales business on a monthly basis due to petrol subsidies, a top ranking oil industry source told the Gulf News on Thursday.
“The acquisition is a gift on the Eid Al Fitr. Based on the deal between Emarat and Adnoc, Emarat will save up to Dh1 billion annually after Adnoc takes over the running of 74 petrol stations operated by Emarat in Sharjah, Ras Al Khaimah, Ajman, Umm Al Quwain and Fujaira,” the oil industry source said.
No comments:
Post a Comment