UAE’s ADNOC activates supply continuity plans after attack on fuel depot

Nurluqman Suratman

18-Jan-2022

SINGAPORE (ICIS)–The Abu Dhabi National Oil Company has activated business continuity plans to ensure continued supply of products to its local and international customers following an incident on its Mussafah fuel depot, the UAE state-owned oil firm said in a Twitter post on Tuesday.

The company in an earlier statement that the incident at the fuel depot occurred at around 10:000 hours (06:00 GMT) on 17 January.

The incident resulted in the outbreak of a fire and three workers were killed as a result, it said.

“We are working closely with the relevant authorities to determine the exact cause and a detailed investigation has commenced,” ADNOC said.

Yemen’s Houthi rebels have claimed responsibility for the attack, which involved ballistic missiles and deployed armed drones, according to local media reports.

The attack also resulted in a fire at Abu Dhabi’s main international airport, they said.

“We condemn the Houthi militia’s targeting of civilian areas and facilities on UAE soil today,” the UAE’s Ministry of Foreign Affairs and International Cooperation said in a statement.

The UAE reserves the right to respond to these “terrorist attacks and criminal escalation”, the ministry said.

News of the attack comes at a time when there is already plenty of concern in the oil market over the potential impact of an escalation in tensions between Russia and Ukraine, said Dutch banking and financial services firm ING in a note.

“These growing risks, combined with worries over OPEC spare capacity, have meant that sentiment in the oil market has remained bullish,” it said.

“Technically, the oil market is well in overbought territory, whilst fundamentally we also believe that the market is being too complacent about demand risks around China and its zero-Covid policy,” ING added.

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