Saudi Aramco and Total inked a joint venture (JV) agreement to develop retail services in Saudi Arabia, Pipeline reported.
The JV will be equally-operated by the two companies through an investment of around $1 billion over the next six years, to develop the retail market and provide motorists with premium fuels and retail services.
“Total is proud to be the first international oil major to invest in Saudi Arabia’s fuel retail network. This joint venture agreement is in line with our global strategy to expand in fast-growing markets worldwide.” Momar Nguer, President Marketing and Services and Executive Committee Member at Total said.
The JV plans to expand its network in the kingdom with a goal of owning and operating hundreds of stations by 2021.