Introduction:
Dubai-based energy firm, Lootah Biofuels, has inked a pact with Maldives’ state-owned utility company, Fenaka Corporation, marking its commitment to extending its biofuel production footprint beyond the United Arab Emirates (UAE), as reported by Zawya.
The collaboration signals Lootah Biofuels’ global expansion strategy, aligning with the UAE’s environmental objectives. Maldives, facing climate change threats due to its islands’ low elevation, sees the biofuel project as a sustainable initiative.
During the agreement signing, a delegation from Lootah Biofuels, led by CEO Yousif bin Saeed Lootah, visited Maldives at the government’s invitation. The move follows Maldives’ Vice President Faisal Nasim’s visit to Lootah Biofuel Factory in Dubai in February. The factory, operational since 2010, already supplies biofuels to major UAE companies.
Conclusion:
Lootah Biofuels manages seven biofuel stations in Dubai and Sharjah, with plans for expansion across the Emirates and a new facility in Abu Dhabi this year. The company produces over 60 million liters annually, exporting to European countries and India, with aspirations to meet rising global demand in the Gulf region and Asia. Meanwhile, Fenaka Corporation, responsible for supplying electricity, water, and sewerage to Maldives’ island communities, stands to benefit from this environmentally conscious partnership.