Thu 08-10-2020 19:03 PM
DUBAI, 8th October, 2020 (WAM) -- The Ministry of Energy and Infrastructure issued a resolution on the unified regulations related to trading petroleum products.
The resolution aims to regulate the trade in petroleum products in the country, identify required standards and procedures, counter practices that harm the economy, maintain security and safety, and protect the environment.
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, stated that the resolution clarifies some legal provisions related to administrative penalties and includes detailed conditions while confirming that petroleum products are traded in the country according to the highest international standards and those adopted by the Emirates Authority for Standardisation and Metrology, ESMA.
Upon the issuance of the law on trading petroleum products in 2017, national trading committees were formed in charge of issuing required trading licences and verifying that the conditions stipulated in related laws are fulfilled, Al Mazrouei noted, adding that these committees included representatives of local authorities in each emirate, as well as a representative from the Ministry of Energy and Infrastructure and a representative from the Federal Transport Authority-Land and Maritime, FTA.
The resolution established the required standards for obtaining a trading licence and the procedures for being registered in the trading registry, which the ministry uses to register licenced companies.
It also stipulates that relevant authorities will collect the appropriate fees and ensure that violators will be punished under the framework of the law.
The resolution categorises petroleum products traded in the UAE and requirements to practice this activity.