FNC approves draft law on distribution of petroleum products
The Federal National Council (FNC) has approved a draft federal law on the distribution of petroleum products following amendment and introduction of a number of articles and provisions to implement them nationwide, including the free zones, and private investment areas, wam reported today.
Fines starting with Dh500,000 and imprisonment term will be slapped on offenders.
In case of repeated violation, the fine will be Dh5 million.
This came during the 14th meeting of the second ordinary session of the 16th legislative chapter, held at the FNC headquarters in Abu Dhabi on Tuesday, headed by Dr. Amal Abdullah Al Qubaisi, Speaker of the FNC.
The meeting was also attended by Mohammed bin Abdullah Al Gergawi, Minister of Cabinet Affairs and The Future, Noura bint Mohammed Al Kaabi, Minister of State for Federal National Council Affairs, and Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy.
The FNC stressed that the draft law would protect national companies operating in trading of the petroleum products from the competition with unlicensed distributors of the petroleum products. It added that the draft law would also establish a federal database including all parties operating in the petroleum products' trading sector, with a view to regulate the distribution through combating harmful practices on the national economy, public safety and environment.
The Council has developed an article to regulate the distribution of petroleum products, define conditions and procedures for the distribution of petroleum products, control harmful practices on the national economy, security, safety and environment.