Ministry denies licensing of new fuel company

STOCKS NEWS – The Ministry of Energy and Mineral Resources on Sunday denied reports about granting a license to a new oil marketing company.

In a statement, the ministry said that a number of members of the Petrol Stations and Gas Distributing Agencies Owners Association had established a firm under the name (Al-Mamlakah) with the aim of obtaining a license to distribute oil derivatives, adding that they submitted an application to the ministry for this purpose.

Minister of Energy Hala Zawati met with a number of the firm’s founders, confirming that the company should meet all the necessary technical and financial requirements in order to obtain the license.