Adnoc to replace Eppco and Enoc

UAE's state-owned oil company Adnoc may soon take up the role of the new operator of Eppco and Enoc petrol stations in the northern emirates. The authorities are mulling to cancel licences owned by Eppco and Enoc in order to allow Adnoc to take over the running of the service stations, regional media reports suggest. Adnoc is the world's fourth largest oil company with access to country's oil and gas reserves, readers may note. The latest development comes in wake of multiple requests by Eppco and Enoc to allow them to raise fuel prices, owing to huge losses incurred due to global crude oil price hike. However the government has resisted all such efforts till date. Recent financial statements for the first half of 2011 by both firms show losses. Market watchers are witnessing the likely take over of Adnoc with a keen interest. Interestingly the Supreme Petroleum Council acts as the board of directors for Adnoc.