Dubai Regulatory Committee for Petroleum Products Trading meets
Government bodies linked to committee will submit regulations for firms seeking trade licence for petroleum products
Dubai Regulatory Committee for Petroleum Products Trading – formed under Executive Council Resolution No. 16 of 2019 and issued by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council – held its first meeting to establish guidelines for the regulation of petroleum products, aimed at achieving balance in the local market, regulating and protecting the local economy, and addressing the risks faced by national companies due to the prevalence of unauthorised activities in Dubai.
Ahmad Buti Al Muhairbi, secretary general of Dubai Supreme Council of Energy, is the committee's chairman, with managing director of commercial and international sales at Enoc Group, Burhan Al Hashemi, joining as vice chair and as part of the Group’s participation in the committee as a specialised entity.
Under the directives of Sheikh Hamdan, the Committee includes representatives from the country's Ministry of Interior, Ministry of Energy and Industry, Federal Authority for Land and Maritime Transport, and Supreme Council of Energy.
Also in the committee are leaders from Dubai Police, Directorate General of Civil Defence Dubai, Dubai Municipality, Roads and Transport Authority, Department of Economic Development, Dubai Customs, Dubai Chamber Of Commerce and Industry, Dubai Petroleum Company, Emirates National Oil Company, Ports Customs and Free Zone Corporation, and Dubai Maritime City Authority.
All government authorities related to the committee will submit their set of regulations for companies that apply for a licence to trade petroleum and associated products, according to UAE state news agency, Wam.
Speaking during the meeting, Al Muhairbi said: "Petroleum and the trading of petroleum products has been one of the first lines of operation in Dubai, which has seen significant contributions to the emirate’s GDP.
"The energy sector in the UAE follows stringent rules, and with the formation of the Dubai Regulatory Committee for Petroleum Products Trading, we will streamline the sector’s trade operations based on these rules."