Home Industry Energy ADNOC Acquires EMARAT Stations Abu Dhabi oil company signs agreement for EMARAT’s fuel stations across five emirates in the UAE. by Neil Churchill May 28, 2012 Abu Dhabi National Oil Company (ADNOC) has acquired 74 service stations run by Emirates General Petroleum Corporation (EMARAT) according to local sources. The buyout covers stations across Sharjah, Ras Al Khaimah, Ajman, Umm Al Qaiwain and Fujairah after a Memorandum of Understanding was signed on Monday by Abdulla Salem Al Dhaheri, general manager ADNOC Distribution and Adel Khalifa AL Shaer, acting general manager of EMARAT. The agreement comes 12 months after EMARAT announced a restructuring plan in an attempt to boost profit. Despite the UAE government raising EMARAT’s capital by 50 per cent last year to counter the fuel subsidies enforced on petrol prices, the company still had debts of around 1.9 billon dirhams. EMARAT service stations encountered problems last year when apparent logistical problems prevented petrol from being delivered. But industry insiders say EMARAT’s suppliers had refused to deliver the fuel after it delayed a payment, according to a local news source. The signing on Monday was attended by Dr. Obaid Humaid Al Tayer, minister of state for financial affairs and EMARAT’s Chairman, and Abdullah Nasser Al Suwaidi, Adnoc director general and chairman of the board of directors of ADNOC Distribution in addition to a number of officials. Tags Breaking News 0 Comments You might also like 19 injured after fire breaks out in a building in Abu Dhabi Two killed and over 100 injured in Abu Dhabi gas explosion Dubai’s DIFC Authority To Split Into Two Entities Syrian Defence Minister Killed