DUBAI, The Dubai Regulatory Committee for Petroleum Products Trading held its first meeting to establish guidelines for the regulation of petroleum products, aimed at achieving balance in the local market, regulating and protecting the local economy, and addressing the risks faced by national companies due to the prevalence of unauthorised activities in Dubai.
The newly established regulatory committee was formed under Executive Council Resolution No. 16 of 2019 and issued by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.
Ahmad Buti Al Muhairbi, Secretary-General of the Dubai Supreme Council of Energy, DSCE, is the committee chairman, with Burhan Al Hashemi, Managing Director, Commercial and International Sales of ENOC Group, as vice chair, and part of the Group’s participation in the committee as a specialised entity.
“Petroleum and the trading of petroleum products has been one of the first lines of operation in Dubai, which has seen significant contributions to the emirate’s GDP. The energy sector in the UAE follows stringent rules, and with the formation of the Dubai Regulatory Committee for Petroleum Products Trading, we will streamline the sector’s trade operations based on these rules,” noted Al Muhairbi.
All government authorities related to the committee will submit their set of regulations for companies that apply for a licence to trade petroleum and associated products.
Under the directives of Sheikh Hamdan bin Mohammed, the committee includes representatives from the Ministry of Interior, the Ministry of Energy and Industry, the Federal Authority for Land and Maritime Transport, the Supreme Council of Energy, the Dubai Police, the Directorate General of Civil Defence Dubai, the Dubai Municipality, the Roads and Transport Authority, the Department of Economic Development, Dubai Customs, the Dubai Chamber of Commerce and Industry, Dubai Petroleum, ENOC, the Ports Customs and the Free Zone Corporation and the Dubai Maritime City Authority.
Source: Emirates News Agency