EMRA reports notable decline in applications for licenses in oil, derivatives sector
Date
10/20/2024 1:32:29 AM
(MENAFN) The energy and Minerals Regulatory Authority (EMRA) has reported a notable decline in applications for licenses in the oil and derivatives sector, with a 7 percent decrease recorded during the first eight months of this year compared to the same period last year. According to the latest statistics released by the authority, the total number of applications submitted reached 1,177 by the end of August, down from 1,262 during the same timeframe in 2022.
These applications encompass a range of activities, including requests for new gas station licenses, the operation of liquefied gas facilities, and the establishment of gas cylinder distribution agencies. The data indicates a comprehensive overview of the current landscape in the oil sector, reflecting shifts in industry dynamics.
In August alone, the authority received a total of 118 applications for licenses and permits. This figure included 86 new applications specifically for the operation of liquefied petroleum gas facilities, along with 8 applications for initial approvals to establish gas cylinder distribution agencies. The remaining applications were associated with the import and export of petroleum products and related supplies.
Conversely, the authority took a firm stance by rejecting three applications for preliminary approvals aimed at setting up gas cylinder distribution agencies, citing non-compliance with established standards.
To provide context, the same month last year saw a higher volume of applications, with a total of 174 submissions. This included 140 applications for the operation of central liquefied petroleum gas facilities, 5 for gas stations, and 2 for initial approvals to establish gas cylinder distribution agencies, along with other related activities, whether for first-time permits or renewals.
This decline in applications could signal potential challenges within the sector, prompting stakeholders to consider the underlying factors contributing to this trend as they navigate the evolving market landscape.
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