Dubai-based Lootah Biofuels has signed an agreement with Fenaka Corporation, a state-owned utility company in 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 Mr. 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 Mr. 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 Yousif Lootah presented the experience of Lootah Biofuels in the sector.
Welcoming the initiative to establish a biofuel plant, Mr. Shauna emphasized the Ministry’s endeavor 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.
Yousif bin Saeed Lootah CEO – Lootah
“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 to spearhead global action to fight climate change and protect the planet. 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, stated that “We are pleased to sign this agreement and benefit from the expertise of Lootah Biofuels, whose experience and success stories that 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 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.”
