Dubai: Lootah Biofuels has signed an agreement with Maldives-based Fenaka Corporation Limited, a state-owned utility company, to establish its first biofuel production plant from waste cooking oil outside the UAE.
Welcoming the initiative to establish a biofuel plant, Aminath Shauna emphasised the Ministry’s endeavour to provide the necessary facilities to start biofuel production in the Maldives.
In February, Faisal Nasim, Vice President of the Republic of Maldives, visited the Lootah Biofuel Factory in Dubai.
“We are delighted to sign the MoU with Fenaka as this is an important step in our strategy to grow and expand our business globally, which is in line with the UAE’s goals spearhead global action to fight climate change and protect the planet,” said Fenaka Maldives, Yousuf Saeed Lootah, CEO of Lootah Biofuels.
He pointed out that the hosting of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 28) by the UAE in November this year is a milestone in promoting sustainable development efforts.
Ahmed Saeed, CEO of Fenaka Maldives, said, “We look forward to working together to establish the first biofuel plant in the Maldives made from used cooking oils. This is an innovative solution that will help promote sustainable development in line with the priorities of the Maldives.”
Since its establishment in 2010, Lootah Biofuels has been supplying commercial fleets of large companies with an environmentally friendly biofuel that is cheaper than conventional diesel. The company operates seven private biofuel stations in Dubai and Sharjah and plans to operate them in the rest of the Emirates and open a facility in Abu Dhabi this year.
The company produces a total of more than 60 million litres of biofuels per year and exports them to European countries such as the Netherlands, Germany and the UK, in addition to India.