United Arab Emirates (UAE) and oil
When talking about global oil markets, the United Arab Emirates is quite a strategic player. The United Arab Emirates gets classified among the world’s top ten international crude producers, and they are a member of the Gas exporting countries forum, popularly known as GECF. UAE, as well as a member of the OPEC organization of petroleum exporting countries. When it comes to the United Arab Emirates’ crude production in a day, they are a significant contributor to the global energy market, with an average output of about 4 million barrels in a day. This production includes petroleum and other liquid gases associated with this product. UAE has quite a sizeable crude barrel reserve with an estimated 100 billion barrels of crude. This kind of reserve ranks the United Arab Emirates 7th globally when it comes to gas reserves.
Fuel and Energy sector reform
Such strides and opportunities reported from Dubai have significantly provided excellent opportunities to U.S gas, transportation, and other petrochemical companies. Technology companies also have more significant opportunities, especially when it comes to procurement and machinery and other services. The United Arabs emirates have always been an encouraging partner, especially in exploration and foreign investment. If you happen to take a keen look at the list of significant Gas and oil suppliers and contractors in the United Arab Emirates, you will be surprised to find a good number of U.S companies on that list.
UAE Mass fuel production
With UAE being a significant player in the transportation sector by its sole ability for mass fuel production, it has allowed and protected local companies from stiff competition exhibited by foreign companies. An average of about 98 billion barrels of the reserve gets distributed to four entities who control quite a significant amount of crude. For instance, Abu Dhabi is the largest reserve holder, with an estimated 94 percent. The reserve is under the state ownership of the Abu Dhabi National Oil company. The other majority shareholder on the United Arab Emirates reserve is Dubai, which holds an estimated 1.5 billion barrels, accounting for about 4 percent of the total national reserve. Sharjah and Ras Al Khaima each have approximately 1.5 and 0.5 percent of the national reserve, respectively.
The industry is quite state-controlled. For instance, with its headquarters in Abu Dhabi, the supreme petroleum council comes up with the policies and objectives that control and govern the entire industry. This council is quite pronounced when it comes to sustainable and economic gas supply. The commission is also quite proactive in market adaption and revenue sharing, either downstream or upstream.
Red Sea Bunkering
Red Sea Bunkering is a part of the more massively conglomerate Great Horn Investment Holding Group, which has its base operations in the United Arab Emirates.
Bunkering in Dubai
Bunkering in Dubai is one of the highly regulated affairs. It has come about as the Dubai Maritime City Authority or DMCA as it is popularly known tighten its grip on measures to control the trade on its waters.
Middle East Bunkering
Bunkering, or the supplying of Marine Fuel Oil, in the Middle East by an Marine Fueling company, is a vital part of shipping. If a ship is not fueled by a marine fuel supplier before it’s ready to go on its oceanic journey, it is not considered seaworthy.
What is Gulf Bunkering?
The purpose of Gulf Bunkering is quite simple – we are here to provide information about the shipping industry, more specifically, the bunkering industry.
Bunker oil refers to the fuel that container ships and other large vessels use. The re-fueling of such ships is called bunkering, and this is a well-planned and very important process for the whole shipping industry.
Feel free to browse through our different articles, which all aim to provide valuable information about the bunkering and shipping industry.