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ADNOC to Open 2 Service Stations in Saudi Arabia

ADNOC to Open 2 Service Stations in Saudi Arabia

Friday, 7 December, 2018 - 06:30
FILE PHOTO: Cars are seen an ADNOC petrol station in Abu Dhabi, United Arab Emirates July 10, 2017. REUTERS/Stringer/File Photo
Abu Dhabi - Asharq Al-Awsat
ADNOC Distribution, the UAE’s leading fuel and convenience retailer, has announced the start of operations in the Saudi Arabia, with two service stations opening this week, one near Riyadh and the other in the Eastern Province.

The company said that this marks the first phase of a commitment it made at the time of its Initial public offering, IPO, in December 2017 to grow its business, not only in the UAE but also internationally.

The firm is currently reviewing a number of potential options to grow its international operations.

Commenting on the openings, Saeed Al Rashdi, Acting CEO of ADNOC Distribution, said, "This is an important moment in our company’s history – our first step into the international arena. We promised this to our investors a year ago and these openings mark the beginning of an exciting new chapter for our organization.”

“These initial two stations are significant in that they will enable us to interact directly with Saudi customers and, where necessary, tailor our services for this important market as we continue to look at options for growth. We strongly believe that our brand and service ethic have a place within the Saudi Arabian fuel and convenience retailing sector, and hope that our entry into the Kingdom of Saudi Arabia will further strengthen the commercial and cultural ties that connect our two countries."

The company said that since its IPO in December 2017, ADNOC Distribution has continued to grow strongly reporting robust financial results for the first three quarters of 2018.

“The business has progressed on a number of initiatives to drive its growth strategy in the areas of fuel, non-fuel and cost efficiency, while also remaining focused on expanding its national and regional footprint,” it added.

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