Dubai, United Arab Emirates; 25 April 2023
Lootah Biofuels has signed an agreement with Fenaka Corporation Limited, a state-owned utility company providing electricity, water, and sewerage to the island communities of the Maldives, to establish its first biofuel production plant from waste cooking oil outside the UAE.
The signing of the agreement underscores Lootah Biofuels’ commitment to expanding its reach beyond the UAE and its range of innovative sustainable solutions to meet long-term energy needs through clean alternatives that are compatible with the pillars of circular economy and sustainable development.
The Republic of Maldives is one of the countries most concerned about environmental sustainability and has launched several projects aimed at combating the effects of climate change on the country, as most of the Maldivian islands are located within a close range above sea level.
The signing of the agreement took place during the visit of a delegation from Lootah Biofuels, led by Yousif bin Saeed Lootah, the company’s CEO, to the Maldives at the invitation of the government to discuss opportunities for cooperation and benefit from the company’s expertise in biofuel production.
During the visit, the Lootah Biofuels Company delegation held a series of discussions and meetings with representatives of the Maldivian government, where they met with H.E. Aminath Shauna, the Maldives Minister of Environment, Climate Change and Technology. During the meeting, they were briefed on the legal, statutory and regulatory framework for the operation of biofuel production plants, and Mr. Yousif Lootah presented the experience of Lootah Biofuels in the sector.
Welcoming the initiative to establish a biofuel plant, H.E. Aminath Shauna emphasised the Ministry’s endeavour to provide the necessary facilities to start biofuel production in the Maldives.
In February, His Excellency Faisal Nasim, Vice President of the Republic of Maldives, visited the Lootah Biofuel Factory in Dubai, which produces biofuels from used cooking oil and is used by fleets of major companies in the UAE due to its low cost, efficiency and low carbon emissions. After signing the agreement at 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, which is in line with the UAE’s goals spearhead global action to fight climate change and protect the planet.
He pointed out that the hosting of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 28) by the UAE in November this year is a milestone in promoting sustainable development efforts.
“We hope that the plant that will be established by Lootah Biofuels in the Maldives will contribute to the promotion of sustainable and innovative solutions, as the use of used cooking oils contributes to recycling waste, enhancing resource efficiency, reducing waste, increasing the use of environmentally friendly clean energy sources, reduce greenhouse gas emissions, improve air quality and reduce costs through the use of biofuels in trucks, which supports the efficiency and effectiveness of sustainable transport.”
Mr. Ahmed Saeed, CEO of Fenaka Maldives, said, “We are pleased to sign this agreement and benefit from the expertise of Lootah Biofuels, whose experience and success stories that we learnt about during our visit to the UAE as part of a delegation led by Mr Mohamed Rashid, Chairman of Fenaka. We look forward to working together to establish the first biofuel plant t in the Maldives made from used cooking oils. This is an innovative solution that will help promote sustainable development in line with the priorities of the Maldives.”
Since its establishment in 2010, Lootah Biofuels has been supplying commercial fleets of large companies with an environmentally friendly biofuel that is cheaper than conventional diesel. The company operates seven private biofuel stations in Dubai and Sharjah and plans to operate them in the rest of the Emirates and open a facility in Abu Dhabi this year.
The company produces a total of more than 60 million litres of biofuels per year and exports them to European countries such as the Netherlands, Germany and the UK, in addition to India, and is working to export them to many countries in the Gulf region and Asia in the coming years, given the increasing global demand.