UAE: Adnoc Distribution to make a profit for first time in decade

United Arab Emirates (UAE) fuel retailer Adnoc Distribution expects to post a profit next year for the first time since 2005, according to its chief executive.

Abdulla Al Dhaheri, CEO of Adnoc Distribution, said the company will be profiting from the new system of fuel pricing in the UAE, which sees rates align with international oil prices since August.

After years of fuel prices set by the government and based on subsidies, the UAE decided to introduce monthly price setting based on the international market.

“In 2016, we shouldn’t have any losses for the first time since 2005,” said Abdulla Al Dhaheri, according to news source The National.

The company expect to expand its network of gas stations to 507 by 2017, a significant increase from its current 385 sites.

As part of the second phase of acquiring gas stations from retailer Emarat, Adnoc will be adding 125 new stations and plans to take over a further 49 sites in Dubai.