Adnoc Distribution, the UAE’s largest fuel and convenience retailer, has signed an agreement to supply fuel and lubricants to more than 3,000 cars managed by Dubai-based Cars Taxi for five years.
As part of the deal, the company will supply Cars Taxi vehicles with fuel and Adnoc Voyage lubricant made from high-quality Murban crude oil.
“As the UAE’s leading provider of fuel, we are delighted to be working with Cars Taxi to provide fuel and lubricants to its fleet,” said Bader Al Lamki, chief executive of Adnoc Distribution.
The company also signed a new deal to supply Adnoc Voyager lubricant in Angola and the Democratic Republic of the Congo as part of its international expansion plans.
The lubricant is now available in 19 countries around the globe, according to the company.
Adnoc Distribution had 459 retail fuel stations and 342 convenience shops as of September 30, 2021. It also opened new service stations in Saudi Arabia as part of its international expansions plans.
Listed on the Abu Dhabi Securities Exchange, Adnoc Distribution reported a 6 per cent jump in its nine-month profit to Dh1.68 billion ($457.8 million) due to the recovery of fuel volumes amid the ongoing post-coronavirus growth in the UAE.
Revenue for the nine months through to the end of September rose by about 23 per cent to Dh14.7bn.
In May, Adnoc Distribution joined the MSCI Emerging Markets index, which is tracked by funds with assets worth billions of dollars.
The company was also included in the FTSE Emerging Markets Index in September. The index tracks stocks from emerging markets globally and includes large and medium-cap securities.
Adnoc Distribution is also expanding its liquefied petroleum gas delivery service in Abu Dhabi to support customers and deliver LPG cylinders within an hour of ordering through its app.
The company added 30 new lorries to its existing fleet of 17 to supply cylinders to customers faster.