Adnoc names new director general

Abu Dhabi National Oil Co. (Adnoc) appointed Abdullah Nasser Al Suwaidi director general following a reshuffle of the UAE’s Supreme Petroleum Council. The restructuring, led by UAE President Sheikh Khalifa bin Zayed Al Nahyan, also named 10 members to the council that lays down the Gulf state’s petroleum policy.  The news may signal a policy change after more than four weeks of petrol shortages at more than 80 Dubai-owned ENOC and EPPCO stations in the northern emirates, local media reported. The UAE’s third fuel shortage in 10 months was initially blamed on maintenance at petrol stations owned by ENOC and its unit EPPCO.  However, analysts told media that the problem stemmed from government subsidies, which were increasingly unsustainable as crude oil prices continued to rise. Both Enoc and state-owned retailer Emarat buy fuel at market prices but have to sell at government-established rates. Three of the UAE’s four fuel retailers  (ENOC, EPPCO and federally-owned Emarat) have been running up losses for years. Abu Dhabi-owned Adnoc has so far not experienced any product  shortages.  (June 26, 2011)