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Aramco, Total develop fuels and retail network in Saudi Arabia

Gasoil News - Published on Mon, 18 Feb 2019

Image Source: refiningandpetrochemicalsme.com
Saudi Aramco and Total have signed a JV Agreement to develop a network of fuel and retail services in Saudi Arabia. The 50:50 JV plans to invest around USD 1 billion over the next 6 years in the Saudi fuel retail market and start providing motorists with premium fuels and retail services in Saudi Arabia. “Total is proud to be the first international oil major to invest in Saudi Arabia’s fuel retail network. This joint venture agreement is in line with our global strategy to expand in fast-growing markets worldwide.” said Mr Momar Nguer, President Marketing and Services and Executive Committee Member at Total, “This new agreement is also reaffirming our long-term partnership with Saudi Aramco. Following our joint investments in SATORP refining and petrochemical complex, we are pleased to bring to the Saudi market our expertise and customer-minded approach in retail and contribute to local employment development.”

Mr Abdulaziz Al-Judaimi, Saudi Aramco Senior Vice President of Downstream, said that “I am excited about this major milestone, which will help transform the fuel retail market in the Kingdom. We look forward to working together with our long-term partner Total, and draw on their extensive experience in the fuel retail market. We aim to enhance the quality of services, as well as create thousands of jobs and additional investment opportunities in the Kingdom. This project will also help optimize the total value of our hydrocarbon resources.”

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Posted By : Rabi Wangkhem on Mon, 18 Feb 2019
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