Meet discusses ways to organise trading of petroleum products
The meeting's agenda featured discussions on various subjects and included presentations concerning the ongoing efforts to organise the trading of petroleum products within the emirate.
Agreement was reached on the execution and monitoring of several recommendations and findings, consistent with the relevant legislation governing the regulation of petroleum products trading, namely Federal Law No. (14) of 2017, its executive regulations as per Cabinet Resolution No. (35) of 2019, and Law No. (5) of 2023 pertaining to the regulation of these activities in Abu Dhabi.
The meeting commenced with Adnoc Distribution providing a summary of the beneficial effects of enforcing the petroleum products trading regulation decision, highlighting the role of the Department of Energy and the Abu Dhabi Petroleum Products Trading Regulatory Committee in shrinking the grey market and mitigating malpractices.
The Committee emphasised the need to step up efforts to encourage the procurement of diesel fuel from approved national firms in the country. Concurrently, work should focus on guiding all users of petroleum products, across both public and private sectors, to collaborate with national companies in formalising supply agreements for petroleum products that meet certified standards. The objective is to guarantee adherence and the implementation of safety standards consistent with enacted legislations.
Additionally, Adnoc Distribution presented a plan designed to encourage the adoption of advanced gas cylinders. The presentation detailed the benefits and technical characteristics of these cylinders in contrast to the conventional steel cylinders presently utilised in residential, commercial, and industrial settings, especially facilities lacking centralised LPG supply systems. This move is poised to significantly improve public safety.
Abu Dhabi Ports also provided a comprehensive elaboration on a proposed project for the construction of gas cylinder storage facilities within Abu Dhabi's ICAD 2 zone, designed to guarantee adherence to safety and environmental criteria.
Meanwhile, the Ministry of Energy and Infrastructure outlined its initiatives, undertaken in coordination with relevant entities, to set procedures, requirements, and regulatory structures allowing companies to import petroleum products into the UAE markets. Currently, the Ministry is implementing controls and requirements for the import of 98 petroleum materials and intends to expand this list to 211 regulated petroleum products over the course of the current year.
The Department of Energy's Petroleum Products Regulatory Affairs Sector team reviewed the latest developments in their ongoing work, which involves consistent coordination with all federal and local entities and electronic integration, with the goal of accelerating the regulatory process for obtaining petroleum product trading licenses through the DoE's Unified Platform.
Concluding the session, attendees were briefed on the accomplishments and initiatives of the Permits Working Group, followed by a presentation from the Inspection and Enforcement Group outlining the violations identified.
The Committee directed recommendations designed to reduce such malpractices via awareness campaigns, site visits, and inspection initiatives, ensuring adherence to regulations and the implementation of safety standards consistent with enacted laws.
The Committee emphasised the need for coordination between concerned government entities to initiate inspection and oversight campaigns against unlawful activities involving the trade of petroleum products non-compliant with certified local standards.
In December last year, the Abu Dhabi Petroleum Products Trading Regulatory Committee, under the leadership of the Abu Dhabi Department of Energy (DoE), has issued its inaugural permit for petroleum product trading in the Emirate of Abu Dhabi.
This achievement aligns with the provisions of Law No.5 of 2023, Federal Law No.14 of 2017 and its executive regulations, as well as relevant ministerial resolutions. It reflects Abu Dhabi's commitment to regulating the sector in line with the best practices and standards paving the way for a robust and comprehensive legal and regulatory framework to govern petroleum product trading.
Dr Saif Saeed Al Qubaisi said, 'This permit is particularly significant as it is the first trading permit since the activation of the petroleum products sector in Abu Dhabi. Its issuance underscores the DoE's steadfast commitment to advancing a sustainable and efficient energy sector in the Emirate.'
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