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UAE's ADNOC Distribution plans to buy fuel stations in Saudi Arabia

December 29, 2020

The company accelerated the delivery of its strategic smart growth plans during the first nine months of 2020

The Board of Directors of ADNOC Distribution, the fuel distribution arm of the Abu Dhabi National Oil Company, plans to acquire fuel distribution assets in Saudi Arabia.

The board plans to consider and adopt a resolution on 30 December 2020 in relation to an acquisition of fuel distribution assets in the kingdom for $10 million, the leading fuel retailer in the UAE, said in a statement.

Last year UAE state news agency reported that the company’s board of directors decided to construct three more stations in Saudi Arabia, following the success of two stations launched earlier in 2018, which attained profits of over 30 percent. In February 2019, the company opened a fuel station in Riyadh-Dammam highway.

ADNOC Distribution accelerated the delivery of its strategic smart growth plans during the first nine months of 2020. Thirty-seven new stations were opened in the UAE as at the end of September 2020, 11 of which were in Dubai.

zawya

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