Adnoc puts new limits on diesel



The Abu Dhabi National Oil Company (Adnoc) announced new quotas on diesel sales yesterday, which one prominent haulage firm said would be a "disaster" for the industry in an already difficult year. Adnoc said lorry drivers would have 10 days from today to start paying for their fuel with an electronic card sold at its stations that will track sales and hold them to a monthly limit.

"Adnoc has been applying new criteria to limit the congestion at its stations all over the country caused by increasing demand for diesel," the company said. Lorry drivers from across the country have flocked to Adnoc's stations in Abu Dhabi and the northern emirates as competitors' prices have more than doubled in the past six months. A gallon of diesel at Eppco, Emarat and Enoc stations now sells for Dh18.25 (US$4.96) compared to Dh8.60 at Adnoc.

The new cards limit drivers of vehicles lighter than three tonnes to monthly purchases of 600 gallons. Drivers of lorries weighing between three and five tonnes will be able to purchase 900 gallons, while the heaviest vehicles will be restricted to 1,500 gallons. Adnoc had previously said it would issue the cards, but had not said when they would be introduced or by how much sales would be restricted.

Selwyn Burbridge, the general manager of Oman Transport Enterprise, a large haulage firm based in Dubai, said the limits for heavy vehicles would be too low because his lorries required between 3,500 and 4,000 gallons of diesel a month. "Clearly it's going to be a disaster," he said. Mr Burbridge said the haulier was in the midst of its worst year in the six that he had been with the company. His drivers were obliged to buy most of their diesel in Dubai, as the long queues at Adnoc stations made filling up difficult. Passing these costs on to clients had not been easy, he said.

"We're increasing rates on almost a weekly basis," he said. "As soon as you succeed in passing off the cost, something else comes around and kicks you again." Mr Burbridge said he hoped the Government would adopt a uniform price across the UAE. "I don't care how much the diesel costs, but it needs to cost the same price throughout the country," he said. In its statement, Adnoc did not specify any restrictions on who would be issued cards. An Adnoc official could not be reached for comment yesterday.

Mr Burbridge said he was sceptical that the process would be easy for his drivers, noting that as a Dubai company, he had never been able to set up a simple payment account at Adnoc, and his drivers now paid cash at the pump. In addition to restricting congestion at its stations, the Adnoc move could also be aimed at quashing a black market for diesel in Dubai and the northern emirates. Adnoc did not mention the black market in its statement, but several recent media reports have discovered lorry drivers who queue for hours at Adnoc pumps only to illegally sell the fuel in their tank to other drivers at a profit.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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