Emirates National Oil Company (ENOC), a wholly-owned entity of the government of Dubai, has signed an agreement with ADNOC Distribution for the strategic transfer of 25 non-operational service station facilities in Sharjah to ADNOC Distribution's network.
Under the agreement, ADNOC Distribution will conduct the preliminary evaluation and overhaul of the 25 service stations in a phased manner.
Following this stage, ADNOC Distribution will begin rebranding the sites and then commencing operations of the service stations under its own network.
Saeed Khoory, CEO of ENOC, said: "The UAE's success story is underpinned by strong partnerships among industry leaders. Our nation has achieved all-round growth through the cooperation and collaboration of governmental entities.
"ENOC and ADNOC Distribution have defined their strengths in fuel retailing and have been tirelessly working to enhance the convenience of motorists in the country.
"Through this strategic agreement, we are transferring for free our non-operational sites in Sharjah to ADNOC Distribution. The optimal use of these assets will benefit ADNOC Distribution in reducing the load of their existing network in the emirate."
Abdulla Salem Al Dhaheri, CEO of ADNOC Distribution, added: "We express our deep appreciation to ENOC for the transfer of their non-operational service station facilities in Sharjah. The agreement validates the excellent coordination and synergy shared by the two stakeholders.
"ADNOC Distribution continues to witness rapid growth in the domestic market, where we seek to harness our potential to develop the retail sector and meet the diverse needs of our customers across the country."For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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