ADNOC Distribution, the UAE’s largest fuel retailer, will move forward with its plans to enter the Indian lubricants market during Q3 2019 as it seeks higher sales volumes, The National reported.
“We might have some announcements this year, in terms of at least by the end of Q3, we would be able to give on the lubricants side,” Mohamed Al-Hashimi, the company’s CEO, was quoted as saying. “We’re assessing all those options and we continue to find and search for that one pathway into the Indian market,” he added.
ADNOC Distribution, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), will roll out 100 refurbished convenience stores in the UAE during Q4 2019 and plans to realize cost savings of about $50 million by year-end.
The Emirati company floated 10% of its shares in 2017 and reported a 2.2% Year-on-Year rise in net income during Q2 2019, during which it reduced its distribution and administrative expenses by 16.3%.
ADNOC Distribution previously revealed retail expansion plans for the next five years, with the aim to increase the number of filling stations in Dubai by a total of 75 new stations, with 15 new stations per year.