Petkim, the petrochem company that won’t stop working for the UAE
Petrochem dubais, the country’s petro chemical company, has won the right to operate in the UAE for at least another three years.
Dubai’s Petroleum Development Authority, which oversees the UAE’s oil sector, approved Petkom’s application for the right, which means it can begin production at its facilities in the capital of Abu Dhabi.
Petkom is the world’s largest petro chemicals company, and it is one of the few major petro firms to have a presence in the Arab world.
Petrochem said the move to extend the period for Petkoms production was “a major achievement”, and that it had been “encouraged by the continued support of the UAE government, as well as our customers and partners”.
Petrochemical and its affiliates had previously been allowed to resume production at Abu Dhabi’s Petronas power station, which is owned by Qatar Petroleum.
Petrol was the largest foreign product in the country at the end of last year, accounting for almost a third of the countrys total export revenue, according to state oil company Aramco.
The UAE’s petrodollar, which has been weakening as the world oil price warms up, has led to a glut of oil and gas in the region, and in the past few months Saudi Arabia has begun importing a greater amount of its own oil to offset the drop in its own production.