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30 November 2023

UAE oil firms lose Dh38bn

Adnoc, Emarate, Enoc and Eppco are the major local oil companies in the UAE. (SUPPLIED)

By Wam

The UAE oil companies suffered significant losses due to lower oil prices, totalling nearly Dh38 billion in 10 years, said Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE’s Minister of Energy.

He noted that the Abu Dhabi National Oil Company (Adnoc) lost over Dh6.4 billion from the sale of gasoline in 2014.

The remarks came during the ninth session of the Federal National Council, held on Tuesday under the chairmanship of Dr. Amal Abdullah Al Qubaisi, First Deputy Speaker of the FNC.

The session was attended by Saqr bin Ghobash Saeed Ghobash, Minister of Labour, Dr. Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs and Minister of State for the Federal National Council Affairs.