ADNOC takes over 74 Emarat oil stations in UAE

United Arab Emirates’ national oil company, Abu Dhabi National Oil Company (ADNOC), has taken over 74 petrol stations of Emarat from the federal government, excluding Dubai. The UAE federal government raised the capital of Emarat by 50% to AED9 billion (US$ 2.45 billion) after the company’s profits were hit by fuel subsidies imposed by the UAE government. In January 2011, UAE’s Federal National Council (FNC) said Emarat had a debt of around AED1.9 billion (US$517.3 million). (May 30, 2012)