Aramco and TotalEnergies open two fuel stations in Saudi Arabia

The kingdom has opened up its fuel services sector to foreign investment

Saudi Aramco and French oil company TotalEnergies opened two fuel stations in Riyadh as part of their plans to upgrade a network of 270 units under their joint venture.

The filling stations will feature either Aramco or TotalEnergies branding and will offer premium fuels and retail services.

"As the kingdom scales up tourism projects, we can expect domestic travel to increase, along with demand for hospitality and travel services," said Amin Nasser, president and chief executive of Aramco.

"With our entry into retail, we aim to deliver the best experience possible for customers, while creating opportunities for Saudis to pursue careers in retail and marketing."

The two companies agreed in 2019 to jointly expand their retail offerings by forming a joint venture on equal footing.

Saudi Arabia has opened up the domestic fuel services market to international players. Regional operators such as Emirates National Oil Company and Adnoc are also expanding in the kingdom by either retrofitting existing service stations or building new ones.

“The opening of these two first stations is another step forward in reaffirming our long-standing partnership with Aramco, following our joint investments in Satorp since 2008," said Patrick Pouyanne, chairman and chief executive of TotalEnergies.

Satorp is a 440,000 barrels per day refinery in Jubail, which is owned by Aramco and TotalEnergies, with the former having a 62.5 per cent interest.

Updated: October 25th 2021, 10:31 AM
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