Fri Oct 20 2017, 13:52:23 +03

UAE oil companies suffered losses due to lower oil prices: Minister says

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(Abu Dhabi-AlummahWorld, 15 Rabi ath-Thani 1436, 04 Feb 2015) Declining oil prices causing losses to companies in the Middle East. Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, has said that the UAE local oil companies suffered significant losses due to lower oil prices. The total losses reached nearly AED 38 billion in 10 years.

He noted that the Abu Dhabi National Oil Company "ADNOC" lost from the sale of gasoline in 2014, over AED6.4 billion.
The remarks came during the ninth session of the Federal National Council, held today under the chairmanship of Dr. Amal Abdullah Al Qubaisi, First Deputy Speaker of the FNC. The session was attended by Saqr bin Ghobash Saeed Ghobash, Minister of Labour, Dr. Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs and Minister of State for the Federal National Council Affairs.