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Sunday, April 21, 2024

Saudi Aramco, Total invest in retail fuel network in Saudi Arabia

(Paris) – Saudi Aramco and Total signed an agreement to develop a network of retail fuel service stations in Saudi Arabia. The 50:50 joint venture plans to invest around US$1 billion over the next 6 years in the Saudi retail fuel market to provide motorists with premium fuels and retail services in the Kingdom.

“This is a major milestone which will help establish a quality retail fuel network in the Kingdom. We look forward to working together with our long-term partner Total and draw on their extensive experience in the retail fuel market,” said Abdulaziz Al-Judaimi, Saudi Aramco’s Senior Vice President of Downstream and Chairman of the JV Board.

He added, “With this new business, we aim to enhance the quality of services, as well as create jobs and additional investment opportunities in the Kingdom. This joint venture aligns with Saudi Vision 2030 and supports the goals of the Infrastructure and Transportation Initiative under the Quality of Life programme, and the project is designed to also help optimise the total value of our hydrocarbon resources.”

Momar Nguer, President of Marketing and Services and Executive Committee Member at Total, said, “Total is proud to be the first international major oil company to invest in Saudi Arabia’s fuel retail network. This joint agreement is in line with our strategy to expand in fast-growing markets worldwide. 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.”

According to a joint press release sent to WAM, the two companies have also signed an agreement with the owners of Tas’helat Marketing Company, TMC, and Sahel Transport Company, STC, to acquire TMC and STC, thereby jointly acquiring their existing network of 270 service stations and their fuel tanker fleet. Saudi Aramco and Total plan to modernise this network and build high-quality service stations at selected locations. This transaction is subject to approval of regulatory authorities.

The venture will take a phased approach to expanding its network of domestic fuel retail stations, with a plan to reach the goal of owning and operating hundreds of stations by 2021.

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