Abu Dhabi issues first permit for trading in petroleum products
This is first time such a permit is being handed out for key commodity
Dubai: The first permits for trading in petroleum products has been issued in Abu Dhabi, and sets up a 'comprehensive' legal and regulatory framework to govern trading in this commodity. The permit - to Al Nasr Contracting Co. llc - was issued by Abu Dhabi Trading Regulatory Committee (TRC) coming under the emirate's Department of Energy.
"This is particularly significant as it is the first trading permit since the activation of the petroleum products sector in Abu Dhabi," said Dr. Saif Saeed Al Qubaisi, acting Director-General of Regulatory Affairs at the Department of Energy. "Its issuance underscores the DoE’s steadfast commitment to advancing a sustainable and efficient energy sector in the emirate."
The Department of Energy has in association with select entities implemented processes to track petroleum transportation operations. It has also established training programs to equip personnel with the necessary skills. Such 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'.
On its part, the Trading Regulatory Committee is tasked with reviewing trading permit applications to 'ensure they meet established requirements and recommending follow up actions to the DoE.
It also monitors compliance with approved security, safety, and environmental standards across manufacturing sites, storage facilities, transportation activities, and trading operations. 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.