Dubai: Emirates National Oil Company (ENOC) has announced it will set up a new joint venture in Saudi Arabia with Dubai-based Tristar Transport.

Details emerged in a joint press release on Monday that stated the new venture would specialise on logistic services for Saudi’s petroleum and chemical sectors.

The new ENOC-Tristar venture will launch with an initial capital of SAR 30 million (Dh29,400 million) and target a fleet of 500 vehicles by 2017.

The venture will also operate warehousing facility storage for oils and chemicals, and an ISO tank cleaning facility.

“The joint venture with Tristar Transport, an organisation with proven credentials in the logistics sector, and ENOC’s heritage in the oil & gas retail business are is an ideal fit to offer world-class services in the Kingdom’s fast-growing oil, gas and chemicals logistics sectors,” Saeed Khoory, CEO at ENOC, said.

Eugene Mayne , Founder and Group CEO of Tristar, said, “The joint venture will focus on meeting the growing requirements of the petroleum and chemicals sectors, and will serve the GCC and wider Middle East geographic area from Saudi Arabia.”

ENOC have also signed a joint venture agreement with Aldrees Petroleum & Transport Services Company (Aldrees), to set up service stations in Saudi Arabia.