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UAE's Lootah Biofuels To Build First Overseas Biofuel Plant | |
| Sumita Pawar |
Lootah Biofuels is set to build its first biofuel production plant outside the UAE in the Maldives after signing an agreement with Fenaka Corporation Limited, a state-owned utility company.
The move is part of 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.
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The 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.
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.
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 we learned 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 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."
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.