Adnoc Distribution inaugurated its first fuel service station in Saudi Arabia, as the company eyes greater expansion in the market on the back of privatisation efforts in the kingdom.
The service station, located on the Riyadh-Dammam highway, around 40km away from the Saudi capital, was revamped by November. Adnoc Distribution subsequently revamped another station in Hofuf, in the kingdom's eastern province.
“Our new stations in Saudi Arabia are performing above expectation. There is strong volume coming through them," said Adnoc Distribution acting chief executive Saeed Al Rashdi.
The fuel station along the Riyadh-Dammam highway was opened by Sheikh Shakhbout bin Nahyan, the UAE's ambassador to Saudi Arabia.
Adnoc Distribution, the UAE's biggest fuel and convenience retailer, plans to open up to 20 stations in Dubai and Saudi Arabia this year, its deputy chief executive John Carey told The National.
The launch for the new service stations are being targeted for the second half of the year.
Adnoc Distribution, which posted its first full-year results following a 10 per cent flotation of its shares in 2017, reported profit surge of 18 per cent last year as the company reduced costs and sales increased across its network.
Dubai-based Emirates National Oil Company also established its presence in the Saudi market last year, and plans to open up to 45 new service stations over the next five years.
