United Arab Emirates (UAE) President Sheikh Khalifa bin Zayed, in his capability because the ruler of Abu Dhabi, on Sunday established a Supreme Council for Financial and Economic Affairs that will even oversee issues referring to petroleum and pure assets.
The present Supreme Petroleum Council, which regulates petroleum-related insurance policies, will likely be merged with this new council, the Abu Dhabi media workplace stated in a tweet.
Its members will proceed to train their position as Abu Dhabi National Oil Co (ADNOC) board members till a new board is appointed, the media workplace stated.
The UAE is a number one oil producer within the Organization of the Petroleum Exporting Countries (OPEC) and most of its output comes from ADNOC.
