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Dubai’s Lootah Biofuels has signed an agreement with Fenaka Corporation, a state-owned utility in the Maldives, to build the first plant outside the UAE to produce biofuel from waste cooking oil.
The signing of the agreement underscores Lootah Biofuels’ commitment to expand its reach beyond the UAE and its range of innovative sustainable solutions to meet long-term energy needs through clean alternatives compatible with the pillars of the circular economy and sustainable development.
The Republic of Maldives is one of the countries most concerned with environmental sustainability and has launched several projects aimed at addressing the impact of climate change on the country, as most of the islands in the Maldives are located near altitudes.
The signing of the agreement took place during the visit of a delegation from Lootah Biofuels, led by the company’s CEO, Yousif bin Saeed Lootah, to the Maldives at the invitation of the government to discuss partnership opportunities and learn from the company’s expertise in biofuels benefit production.
During the visit, the Lootah Biofuels Company delegation conducted a series of discussions and meetings with representatives of the Maldives government, and met with Aminath Shauna, Minister of Environment, Climate Change and Technology of the Maldives. During the meeting, they were briefed on the legal, regulatory and regulatory framework for the operation of biofuel production plants and Yousif Lootah presented Lootah Biofuels’ experience in this field.
Aminath Shauna welcomed the initiative to set up a biofuel plant and highlighted the ministry’s efforts to provide the necessary facilities to start biofuel production in the Maldives.
In February, His Excellency Faisal Naseem, Vice President of the Republic of Maldives, visited the Lootah Biofuel Plant in Dubai, which uses used cooking oil to produce biofuels. Used by fleets of large companies. low carbon emissions.
Following the signing of the agreement by Fenaka Maldives, Yousuf Saeed Lootah, CEO of Lootah Biofuels, said: “We are delighted to sign the MoU with Fenaka as this is an important step in our strategy to grow and expand our business globally, in line with the UAE’s aim to lead global action Fight climate change and protect the planet.
He pointed to the UAE’s hosting of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) this November as a milestone in efforts to advance sustainable development.
“We hope that the plant that Lootah Biofuels will set up in the Maldives will help promote sustainable and innovative solutions as used cooking oil helps to recycle waste, improve resource efficiency, reduce waste, increase the use of environmentally friendly and clean energy, reduce greenhouse gas emissions, improve air quality, and reduce costs through the use of biofuels in trucks, thereby supporting the efficiency and effectiveness of sustainable transport,” he added.
Ahmed Saeed, Chief Executive Officer of Fenaka Maldives said, “We are delighted to sign this agreement and benefit from the expertise of Lootah Biofuels, whose experience and success story we have learned about during our visit to the UAE as part of a delegation led by Mr Fenaka Director Mohammad Rashid, Minister. We look forward to working together to establish the first biofuel plant in the Maldives from waste cooking oil. This is an innovative solution that will help promote sustainable development in line with Maldives’ priorities .”
Since its founding in 2010, Lootah Biofuels has been supplying major companies’ commercial fleets with environmentally friendly biofuels that are less expensive than conventional diesel. The company operates seven private biofuel stations in Dubai and Sharjah and plans to operate them in other parts of the UAE, and plans to open a facility in Abu Dhabi this year.
The company produces a total of more than 60 million liters of biofuels per year, and besides India, it also exports to European countries such as the Netherlands, Germany and the United Kingdom, and is working hard to export to many countries in the Gulf region and Asia in the future in view of the growing global demand. within a few years. – trade arab news agency
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