Dubai Regulatory Committee for Petroleum Products Trading holds its first meeting
Dubai Supreme Council of Energy (DSCE) joins forces with pertinent Government entities to implement legislation to protect consumers, mitigate petroleum-related risks for individuals and regulate petroleum products trading
Under the guidance of the Dubai Executive Council and the supervision of Dubai Supreme Council of Energy (DSCE), the Dubai Regulatory Committee for Petroleum Products trading held its first meeting to establish guidelines for the regulation of petroleum products. The initiative aims to achieve balance in the local market, regulate and protect the local economy, and address risks faced by national companies due to the prevalence of unauthorised activities in Dubai.
The newly established regulatory committee was formed under the Executive Council Resolution No. (16) of 2019 and issued by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. Ahmad Buti Al Muhairbi, Secretary-General of DSCE is Chairman of the committee, with Burhan Al Hashemi, Managing Director, Commercial & International Sales of ENOC Group, as Vice Chairman - part of the Group’s participation in the committee as a specialised entity.
Under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the committee includes representatives from: the Ministry of Interior, Ministry of Energy and Industry, Federal Authority for Land and Maritime Transport, Supreme Council of Energy, 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, Emirates National Oil Company, Ports Customs and Free Zone Corporation and Dubai Maritime City Authority.
The committee will develop measures for judicial control to regulate petroleum trading in the Emirate to be approved by the UAE Ministry of Justice, in coordination with the Supreme Legislation Committee. The aim is to create a legal and legislative framework to reduce violations and increase operational efficiencies in the market.
Regulations are one of the pillars of the Dubai Clean Energy Strategy 2050, as they play a major role in ensuring the active implementation of oil policies, besides ensuring the safety and security of everyone through regulating the business practices in the sector. The Dubai Regulatory Committee for Petroleum Products Trading will also prepare new guidelines to issue licenses for trading petroleum products in Dubai to ensure the highest standards and will evaluate applications for commercial licenses for petroleum and gas trading activities.
His Excellency Ahmad Buti Al Muhairbi said: “Petroleum and trading of petroleum products have been one of the first lines of operation in Dubai which has 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.”
On its vital role on the committee, Saif Humaid Al Falasi, Group CEO of ENOC, said: “ENOC’s long heritage in the midstream and downstream sector will prove to be valuable to the Dubai Regulatory Committee.”
All government authorities related to the Dubai Regulatory Committee will also submit their set of regulations for the companies that apply for a license for trading petroleum and associated products. The committee will also supervise end-to-end processes from submission of the licence request to the final stage of approval to improve the overall standard of operations in Dubai.