Emirates General Petroleum Corporation (Emarat) is selling the bulk of its petrol stations in the Northern Emirates to the Abu Dhabi National Oil Company (Adnoc), as retailers continue to make losses on the sale of subsidised petrol.
Adnoc is buying a total of 74 Emarat stations, according to a report by the state news agency WAM.
Emarat currently owns 100 stations in Sharjah, Fujairah, Ras Al Khaimah, Ajman and Umm Al Quwain. None of Emarat's 73 stations in Dubai will be sold.
Neither Adnoc nor Emarat were available for comment.
Emarat's finances where thrown into disarray when oil prices rose to almost US$150 a barrel in 2008. The global financial crisis caused prices to slump to $36 a barrel by the end of that year, but they have been rising again steadily since then, with crude currently selling for more than $100 a barrel in Europe.
In the UAE, petrol prices are regulated and retailers are unable to pass on the additional cost to customers. A litre of petrol currently costs Dh1.72 at the pump, which forces Emarat and its Dubai competitor Emirates National Oil Company (Enoc) to sell at a loss.
Both companies have received government cash injections.
The federal Government, which owns Emarat, raised the company's capital by Dh3 billion ($816.7 million) to Dh9bn last June, after Obaid Humaid Al Tayer, its chairman, said in January that the retailer was forced to restructure its debt and needed banks loans. Emarat's debt had stood at about Dh1.9bn at the beginning of last year, the Federal National Council said at the time.
By the end of last year, the Government of Dubai had spent a total of Dh5.59bn to make up for Enoc's shortfall in earnings.
Like Emarat, Enoc has responded to losses by cutting its exposure in the Northern Emirates. It handed over its petrol stations outside Dubai to Adnoc last July.
Unlike its UAE competitors, Adnoc does not buy its oil on the international markets, instead drawing on Abu Dhabi's vast oil production. While forgoing the opportunity to sell its crude at higher prices abroad, it still manages to sell petrol at a small profit domestically.
"The signing of the memorandum represents a step towards achieving both companies' strategic plans to expand, especially to enhance the position of the retail sector in the local market," WAM quoted Abdulla Salem Al Dhaheri, Adnoc's general manager of distribution, as saying.
Adnoc's increasing efforts in supplying cheap petrol throughout the UAE is part of Abu Dhabi's greater role in providing for citizens outside the emirate's boundaries following the Arab Spring. The federal Government last year announced a $1.6bn programme that will improve the electricity grid and roads in the Northern Emirates, with most of the money expected to come from Abu Dhabi.
* with Wam
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
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Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
PRO BASH
Thursday’s fixtures
6pm: Hyderabad Nawabs v Pakhtoon Warriors
10pm: Lahore Sikandars v Pakhtoon Blasters
Teams
Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.
Squad rules
All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.
Tournament rules
The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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MATCH INFO
Manchester United 2 (Heaton (og) 42', Lindelof 64')
Aston Villa 2 (Grealish 11', Mings 66')
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
Company%20profile%20
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
COMPANY%20PROFILE%20
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The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
