Fuel prices stable for fifth month in a row

DUBAI: The UAE fuel prices continue to be stable for the fifth month in a row. The Fuel Price Follow-up Committee has approved the gasoline and diesel prices for the month of August inclusive of the five per cent value added tax as follows: the price of Super 98 will be Dhs1.91 per litre, the price of Special 95 will be Dhs1.8 per litre, E-Plus 91 will be Dhs1.72 and diesel prices will be Dhs2.06 per litre. Prices will be applicable from Aug 1.

Recently, green Petrochem, one of the most conducive players in the oil industry across the UAE, announced an expansion plan in the Hamriyah Free Zone to boost its storage capacity and meet the growing demand for its services.

The expansion plan was announced last recently during a ceremony held to sign a lease agreement with the Hamriyah Free Zone Authority (HFZA).

Under the contract, the petrochemical company will lease a 200,000 sq. ft. plot of land to expand its facilities and respond to the increasing demand for its products.

The agreement was signed by Saud Salim Al Mazrouei, Director of HFZA, and Anish Vijapura, Managing Director of Green Petrochem, at HFZA premises. A number of senior officials from both entities attended the event.

Green Petrochem said that the deal comes as part of its expansion strategy to augment its operations in the regional and international markets.

Petrochem is a company that is specialised in providing simple yet effective solutions that meet its customers’ demand with a different range of petroleum and petrochemical products with quality and service delivery system that is responsive, reliable and related to today’s fast-moving business environment.

In addition to its main storage facility in the free zone, the company is looking to bolster its operations by establishing additional storage facilities and is targeting a future-storage capacity of a 150,000 cbm.

Speaking on the occasion, Al Mazrouei said: “Petrochem’s decision to strengthen its presence is a step in the right direction and does reflect our commitment to implementing the wise directives of H.H. Dr. Sheikh Sultan bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah. We are keen to provide our valued investors with various services of top-notch quality within an ideal environment that help them grow and thrive like never before and achieve their ultimate business goals.”

“Despite the tough economic circumstances that we are going through, the company decided to expand its operations in the free zone, in yet another testament to the deep trust that Sharjah has earned as a leading global hub for businesses as well as the global reputation enjoyed by HFZA; being the current and future headquarters of major heavy industries companies,” Al Mazrouei added.