Adnoc Distribution in the UAE plans to expedite the expansion of electric vehicle (EV) charging points at its various locations in the next year.
According to its CEO, the company aims to have 50 operational charging points by the close of 2023, with a specific emphasis on highways where demand is higher. With over 500 service stations, Adnoc Distribution plans to play a crucial role in facilitating the increasing demand for EV cars.
The company, currently operating 38 EV charging points, has entered a joint venture with Taqa (Abu Dhabi National Energy Company) named E2GO, according to The National News.
Adnoc-TAQA Venture: Leading EV Infrastructure in Abu Dhabi
This venture focuses on constructing and managing EV infrastructure in Abu Dhabi, with the aim of becoming the primary provider of EV charging points and associated infrastructure in the UAE capital.
Adnoc Distribution estimates that Abu Dhabi will require approximately 70,000 charging points by 2030, necessitating an investment of up to $200M.
Adnoc Distribution is also working on supplying biofuel to its B2B customers. The CEO mentioned that the company would await further guidance from the energy ministry regarding the potential sale of low-carbon fuel to regular consumers.
The recent announcement of using biofuel to power the heavy vehicle fleet in the country, derived from waste cooking oil, has garnered attention in the market.
In its Q3 financial report, Adnoc Distribution revealed a 9% increase in profit, attributed to double-digit growth in fuel volumes sold. Net income for the three months ending September rose to AED 835.4M ($227.5M), with revenue climbing by 4.5% annually to AED 8.94B.
The CEO anticipates this positive momentum to continue into the fourth quarter, coinciding with the onset of the UAE’s peak winter season. The outlook is optimistic, driven by various activities, outdoor festivals, and functions scheduled until year-end.
