Abu Dhabi Announces New Platform For Petroleum Products Trading Consultation

The Petroleum Products Trading Regulatory Committee in Abu Dhabi is committed to improving security and safety measures within the Emirate. This ensures that operators and stakeholders comply with both federal and local regulations.

Dr. Saif Saeed Al Qubaisi, Acting Director General of Regulatory Affairs at the Department of Energy, highlighted the Committee's goal. He stated, "The Committee aims to enable the entities involved in the trading of petroleum products in the Emirate of Abu Dhabi to effectively collaborate in implementing the regulatory framework for these activities in accordance with the relevant issued legislation. This includes Federal Law No. (14) of 2017 and its executive regulations issued by the Cabinet Resolution No. (35) of 2019, in addition to Law No. (5) of 2023 concerning the regulation of these activities in the Emirate of Abu Dhabi."

Dr. Al Qubaisi further explained that these regulations encompass a wide range of activities. These include importing, manufacturing, storing, packaging, transporting, marketing, distributing, selling, purchasing, or supplying petroleum products.

The Committee's operations align with international best practices. Dr. Al Qubaisi mentioned that it examines all relevant issues and submits proposals to the Department of Energy (DoE). These proposals focus on assessing activities related to trading petroleum products like hydrocarbon gas and other derivatives except crude oil.

Additionally, Dr. Al Qubaisi noted that four working groups have been established under the DoE’s technical sector supervision. Each group comprises representatives from various member entities and focuses on specific tasks such as permits, inspection and enforcement, legislation and legal affairs, and data and information technology.

Periodic Reports and Recommendations

The Committee also analyses periodic reports on trading activities and performance indicators. These reports cover issued trading permits, compliance rates among public entities, violations, fines, and necessary procedures to ensure adherence to licences and permits.

Dr. Al Qubaisi emphasised that these reports help provide appropriate recommendations for monitoring compliance with established standards.

Consultation Platform Launch

A new platform will be launched by the Committee for consultation and communication with clients and companies operating in Abu Dhabi's petroleum products sector. This initiative aims to facilitate technical expertise exchange and better understand stakeholder needs.

The DoE will develop this platform's requirements, procedures, and working mechanisms to ensure effective implementation.

This comprehensive approach ensures that all aspects of petroleum product trading are regulated efficiently while maintaining high standards of safety and compliance within Abu Dhabi.

With inputs from WAM