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Total to invest in Saudi Arabia’s fuel retail network
Total and Saudi Aramco have signed a 50:50 joint venture agreement to develop a network of fuel and retail services in Saudi Arabia, planning to invest around $1bn over the next six years. Total is reportedly the first international oil major to invest in Saudi Arabia’s fuel retail network.
The two companies have also signed an agreement with the owners of Tas’helat Marketing Company (TMC) and Sahel Transport Company (STC) to purchase TMC and STC, acquiring their existing network of 270 service stations and fuel tanker fleet. Saudi Aramco and Total plan to modernise this network and build high-quality service stations at selected locations.
News Item details
Journal title: Petroleum Review
Region: Middle East
Countries: Saudi Arabia -
Subjects: Forecourt retailing
