The Abu Dhabi National Oil Company (ADNOC) affiliate, ADNOC Distribution, plans to expand its services around the UAE, especially in Dubai, Pipeline Oil and Gas Magazine reported.
The company’s expansion plan over the next five years aims to increase the number of stations in Dubai by constructing a total of 75 new stations; 15 new stations per year, Saeed Al Rashdi, Acting CEO of ADNOC Distribution said on the sidelines of the First Capital Markets Days in London and New York.
Moreover, the company plans to expand its activities in Saudi Arabia and has decided to construct three stations in the kingdom.
“We want to explore investment opportunities in new markets outside the UAE, to meet our minimum target of achieving a 15 percent profit margin from our investments,” he stated.
The company’s expansion will benefit the UAE and the Gulf region, and the company plans to expand its activities as well in neighboring countries, Al Rashdi concluded.