ADNOC Distribution has been given the go-ahead to start its operations in Saudi Arabia with the award of a licence to own, operate and manage service stations in the kingdom.
The Saudi Ministry of Municipal and Rural Affairs (MOMRA) awarded the company a licence, in a significant milestone for ADNOC Distribution’s regional and international growth plans.
The $8.5 billion government-owned firm, which specialises in the national and international marketing and distribution of petroleum products, announced plans in January to open at least 13 new service stations in 2018, including Dubai and Saudi Arabia.
ADNOC Distribution will open at least one service station in the Saudi Arabia this year, as part of its ambitious growth strategy.
Saeed Mubarak Al Rashdi, ADNOC Distribution’s CEO, said, "We extend our thanks to MOMRA for issuing our licence to operate in the Saudi Arabia. Drawing on our 45 year history of success in the UAE, I am confident that we will bring more choice and service to customers in the kingdom while always being mindful of our 100% commitment to safety."
ADNOC Distribution is the leading fuel distributor and convenience store operator in the UAE, with an approximate 67 percent market share by number of retail fuel service stations.
The signing ceremony in Riyadh was attended by the Dr. Abdul Qader bin Othman Amir, MOMRA’s Under-Secretary, and Abdulla Al Mentheri from ADNOC Distribution.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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