ADNOC Distribution announced that it has finalized an agreement to acquire 15 service stations in Saudi Arabia at a cost of $10 million, reaffirming its commitment to expand its businesses in the kingdom, according to UAE’s new agency WAM.
The acquisition is implemented under certain conditions including obtaining regulatory approvals. The addition of these new stations highlights the long-term growth strategy of the company to become a leading fuel operator in Saudi Arabia.
The new stations are located in the Eastern region and will be renewed according to ADNOC Distribution standards to offer high quality fuel and retail services to customers including convenience stores.
Ahmed Al Shamsi, Acting CEO of ADNOC Distribution, said “Expanding our presence in Saudi Arabia is an important milestone for our company and part of our profitable growth strategy. We see this expansion as a natural progression since opening our first station in 2018 and look forward to significantly increasing our presence in the coming years. This is the first announcement of many we intend to make with Saudi being a key strategic market for us as we make ADNOC service stations a destination for all in Saudi.”
“Saudi Arabia is the largest market in the GCC and there is huge potential for experienced fuel operators like us to consolidate the market and capture further growth, and we are currently in discussions on a range of opportunities to further build on our network in the country. With such a vast and diverse landscape, we aim to bring our fuel and retail experience to benefit local communities and industrial areas across the Kingdom.”, Al Shamsi, added.