Abu Dhabi – Mubasher: Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) has entered into a definitive agreement to acquire 15 service stations in Saudi Arabia in exchange for AED 36.7 million ($10 million).
This acquisition raises the company's stations in Saudi Arabia to 17, as part of its strategy to become one of the leading fuel retailers in the Kingdom by 2025, according to a press release on Thursday.
The new stations are located in the eastern region, with sites dedicated to highway commuters and in-community convenience.
The acquisition is subject to certain conditions, including obtaining regulatory approvals.
Commenting on the agreement, the Acting CEO, ADNOC Distribution, Ahmed Al Shamsi, said: "We see this expansion as a natural progression since opening our first station in 2018 and look forward to significantly increasing our presence in the coming years."
Al Shamsi remarked: "And we are currently in discussions on a range of opportunities to further build on our network in the country. With such a vast and diverse landscape, we aim to bring our fuel and retail experience to benefit local communities and industrial areas across the Kingdom."
