Adnoc Distribution, the fuel retail arm of the Abu Dhabi National Oil Company (Adnoc), has been granted a licence by the Saudi government to own and operate fuel and service stations in the kingdom.
The Ministry of Municipal and Rural Affairs (MOMRA), which regulates the kingdom’s fuel station industry, issued the licence during a signing ceremony in Riyadh on 22 April.
At the time of listing on the Abu Dhabi Securities Exchange (ADX) in December last year, Adnoc Distribution said it was looking to open gas stations in Dubai and Saudi Arabia as part of its expansion plans.
The company, which raised $851m from its initial public offering on the ADX on 11 December, had announced opening one station in Saudi Arabia as a way to start its business in the kingdom.
MEED has learnt that Adnoc Distribution is looking to award franchise agreements in Saudi Arabia to handle the running of the operations.
Last month, MEED reported that Adnoc Distribution was on course to open three fuel stations in Dubai this year and that construction was under way.
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