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Sharjah sets up oil company

SHARJAH - Sharjah established state-owned oil company with financial and administrative independence and it will practice its operations on commercial basis.

His Highness Dr Shaikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, issued an Emiri decree No. 52 of 2010 establishing the Sharjah National Oil Corporation (SNOC), WAM reported on Tuesday. The new state-owned oil entity shall have a corporate character and full-fledged competence in discharging necessary legal actions to carry out its businesses towards realisation of the aspired goals for which it was set for.

The corporation may open branches inside or outside the emirate of Sharjah. The decree defines the functions of the corporation in the following specialistions of exploration, discovery, extraction, engineering operations and construction, maintenance, training, transportation, distribution, refining, storage, buying, selling, swapping, production, reception and delivery of hydrocarbon products.

The decree stipulates that the share of the Government of Sharjah in the Saja field concession will be converted to the corporation. In another decree, Shaikh Sultan named Deputy Chairman of Sharjah Oil Council, Shaikh Sultan bin Ahmed bin Sultan Al Qasimi, as Chairman. According to another decree, Eng. Waleed Rashid bin Demas, Secretary General of the Sharjah Oil Council, was appointed executive director.

abdulbasit@khaleejtimes.com

with inputs from WAM