Abu Dhabi TRC for petroleum products issues first trading permit
The Abu Dhabi Trading Regulatory Committee (TRC) for petroleum products, under the leadership of the Abu Dhabi Department of Energy (DoE), has issued its inaugural permit for petroleum product trading in Abu Dhabi. This 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, Acting Director General of Regulatory Affairs at the DoE, 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."
He further added: "We continue our ongoing efforts of working closely with various entities and stakeholders to enhance and strengthen safety and security measures within the petroleum products sector. Our goal is to ensure compliance with safety, environmental, regulatory, technical, and operational standards, while effectively communicating these requirements to all concerned parties."
Eng Ahmed Alsheebani, Acting Executive Director of the Petroleum Products Sector, said: 'The new permit is part of our continued commitment to advance safety and environmental standards within the petroleum sector. It aims to enhance overall operational efficiency while ensuring public safety and environmental sustainability.'
Alsheebani highlighted that the DoE, in partnership with specialised entities, has implemented advanced technologies to track petroleum transportation operations and has established comprehensive training programmes to equip personnel with the necessary skills. These measures ensure full compliance with best practices and standards to mitigate risks and provide technical support and resources to sustain and continuously improve the sector.
Sustainable local economy
He explained: 'The initiation of the petroleum trading permits will significantly contribute to fostering a sustainable local economy, improve operational efficiency, and enhance overall productivity. This is the first permit to be issued under the new system and has been issued to Al Nasr Contracting Co. The DoE is also reviewing and issuing permits to cover various petroleum activities, supporting both the sector and the economy.'
Alsheebani emphasised the DoE's dedication to raising awareness about safety requirements and technical standards through outreach programmes, workshops, and field visits targeted at private sector partners and the community.
The Committee is composed of representatives from 20 federal and local entities, showcasing strong collaboration among key stakeholders to promote and enhance the safety and sustainability of the sector. Specialised task forces are created to support the committee's efforts by executing its functions and driving the achievement of its objectives.
The Committee is tasked with reviewing trading permit applications to ensure they meet established requirements, recommending appropriate actions to the DoE, and monitoring compliance with approved security, safety, and environmental standards across manufacturing sites, storage facilities, transportation activities, and trading operations. Furthermore, the Committee provides guidance on the types of petroleum products permitted for trading in Abu Dhabi and advises on the inclusion or suspension of trading activities based on the Emirate's evolving needs.-- TradeArabia News Service
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