Abu Dhabi: Adnoc Distribution has been awarded a license to own, operate and manage fuel service stations in the Kingdom of Saudi Arabia by the Ministry of Municipal and Rural Affairs (MOMRA), which regulates the Kingdom’s fuel station industry.
The announcement was made in Riyadh during a signing ceremony on Sunday.
The company plans to open one service station in Saudi Arabia in 2018 as part of its growth strategy, according to a statement.
“We extend our thanks to MOMRA for issuing our license to operate in the Saudi Arabia. Drawing on our 45 year history of success in the UAE, I am confident that we will bring more choice and service to customers in the Kingdom while always being mindful of our 100 per cent commitment to safety,” CEO of Adnoc Distribution, Saeed Mubarak Al Rashdi.
Adnoc Distribution is the leading fuel distributor and convenience store operator in the UAE, with an approximate 67 per cent market share by number of retail fuel service stations. It recently announced an agreement to open 10 Géant branded convenience stores in the UAE in 2018.
Adnoc Distribution, the fuel and retail arm of Abu Dhabi National Oil Company (Adnoc), was listed on Abu Dhabi Securities Exchange on December 13 with the stock opening at Dh2.90 compared to the final IPO price of Dh2.50, a 16 per cent increase.
The company raised Dh3.1 billion after it offered 10 per cent of its shares through an initial public offering (IPO).
