Dubai’s ruler has issued two decrees setting up an administrative body to manage the emirate’s crude oil sales and an authority to manage energy supplies in the emirate.
A statement from Sheikh Mohammed bin Rashid Al Maktoum’s office said he had issued decree number 18 of 2009 setting up the Oil Affairs Bureau and decree number 19 establishing the Supreme Council for Energy.
The oil body would monitor “production, sale and export of crude oil in the emirate” which has dwindling oil reserves.
The emirate of Abu Dhabi holds most of the UAE’s oil. The UAE is the third biggest oil exporter in the world.
The energy body will “ensure energy supplies to the emirate through saving basic energy sources at reasonable cost and lessening the environmental impact resulting from this”. (Reuters)
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