Abu Dhabi’s ADNOC Distribution to acquire 15 fuel stations in Saudi for $10m

  • Date: 31-Dec-2020
  • Source: Gulf Business
  • Sector:Oil & Gas
  • Country:UAE
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Abu Dhabi’s ADNOC Distribution to acquire 15 fuel stations in Saudi for $10m

Abu Dhabi-based fuel and convenience retailer ADNOC Distribution has signed an agreement to acquire 15 fuel service stations in Saudi Arabia as part of plans to expand in the kingdom.

The purchase consideration for the acquisition is Dhs36.7m ($10m) and the deal is subject to certain conditions, including obtaining regulatory approvals, a statement said.

Located in the eastern region, with sites on both the highway and within communities, the new stations will be refurbished and offer fuel and retail services to customers, including convenience stores.

ADNOC Distribution opened its first service station in Saudi Arabia in December 2018, located on the Riyadh-Dammam highway around 40km from the capital.

The second station was opened in the city of Hofuf within Al Ahsa governate.

Following the agreement, the company's total network will reach 17 across the kingdom.

Ahmed Al Shamsi, acting CEO, 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