Abu Dhabi’s ADNOC Distribution to acquire 15 service stations in Saudi Arabia for $10mn

Abu Dhabi’s ADNOC Distribution to acquire 15 service stations in Saudi Arabia for $10mn

ABU DHABI — ADNOC Distribution on Thursday announced the execution of a definitive agreement to acquire 15 service stations in Saudi Arabia, reaffirming its commitment to grow its business in the Kingdom; the largest fuel retail market in the GCC.

The purchase consideration for this acquisition is 36.7 million dirhams ($10 million). The acquisition is subject to certain conditions, including obtaining regulatory approvals.

Already the only fuel retailer operating in all seven emirates in the United Arab Emirates, the addition of these new stations highlights the long-term smart growth strategy to also become a leading fuel operator in Saudi Arabia.

The company sees value creation potential coming from an uplift in fuel margins and the company's integrated approach to managing fuel and non-fuel retail offerings.

Located in the eastern region, with sites dedicated to both highway commuters as well as in-community convenience, the new stations will be refurbished in line with ADNOC Distribution brand standards and offer high-quality fuel and retail services to customers, including convenience stores."Expanding our presence in Saudi Arabia is an important milestone