Open a Company for the Extraction of Crude Petroleum in Dubai
Open a Company for Extraction of Crude Petroleum in DubaiUpdated on Thursday 06th December 2018
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There are many investors who decide for a business in the energy sector in the UAE, considering the country’s status as one of the main oil and gas exporters. Starting a business for the extraction of crude petroleum in Dubai is often in the attention of such investors who decide for local partners, in compliance with the Federal Decree no.3/2004 and its important provisions. In matters of legal aspects for opening such a company, we suggest you address to our lawyers in Dubai and find out how we can help.
What are the main rules for starting a company for the extraction of crude petroleum in Dubai?
First of all, a company for the extraction of crude petroleum in Dubai can be opened by a foreigner with the help of a local partner and under the following regulations:
- • a representative agent needs to be appointed in Dubai;
- • the general business license and the concession license must be obtained from the government;
- • one must observe the Local Order no.61/1991 regarding the source of pollution in Dubai and the environmental protection;
- • the partners who are accredited to search, extract or exploit onshore or offshore oil and petroleum must carry out periodical examinations of the environmental impact in Dubai.
The laws governing the energy sector in the UAE can be explained by our attorneys in Dubai.
Health and safety environmental rules in Dubai
When deciding for a company with the purpose of extracting crude petroleum in Dubai, entrepreneurs should observe the laws governing the health and safety environment, such as the Federal Law no.7/1993, the Local Order no.61/1991 on the Environment Protection Regulations in Dubai regarding the exploration of crude petroleum. It is good to know that the Environment and Public Health Services Sector oversees the companies established in Dubai with the purpose of extracting crude petroleum. Our Dubai lawyers specialized in company formation are at the disposal of foreigners who want to start a business in Dubai.
What you need to know about concession in Dubai
The concessions are particular permissions imposed for foreign investors in the oil and gas sector in the UAE. This means that each Emirate can decide on areas and the methods through which foreign investors can extract crude petroleum, in respect to the applicable laws governing this important sector.
We invite you to contact our law firm in Dubai and solicit legal support if you would like to open a company for the extraction of crude petroleum in Dubai.