Enoc seals Saudi joint venture deal
Dubai, August 28, 2012
Emirates National Oil Company (Enoc) has inked a joint venture agreement with Aldrees Petroleum & Transport Services, one of Saudi’s top petroleum retailers and commodity hauling companies, to set up service stations across the Kingdom.
A leading petroleum retailer in Dubai, Enoc boasts of a significant footprint in lifestyle and consumer retailing.
As per the 50:50 joint venture, the service stations will feature all the specialised and popular brands operated by Enoc including Zoom, Pronto, Super Lube and Super Wash.
The first station under the partnership is expected to open early next year, followed by the progressive roll-out of the rest in due course, said Enoc Retail managing director Burhan Al Hashemi after signing the deal with Aldrees CEO Abdulelah Saad Aldrees.
Commenting on the tieup, CEO Saeed Abdullah Khoory said: 'Enoc is focused on expanding its business presence regionally and internationally, and Saudi is a strategic market that offers perfect market synergies for our growth.'
'Over the past years, we have established our competencies in retail operations through our service stations which offer convenient options not only to motorists, but also to general consumers as well,' observed Khoory.
'The addition of several lifestyle brands as well as specialised automobile-related retail services has further underlined our credentials in value-added offerings,' he stated
Khoory said the new venture will help create jobs for young Saudis and Enoc will focus on strengthening their job competencies through its training programmes, thus serving as an effective partner in the Kingdom’s vision.
Saad Aldrees said with a network of more than 450 service stations in Saudi, Aldrees is an industry leader in petroleum retailing in the Kingdom.
'In line with our commitment to add value to our stakeholders, we are continuously exploring expansion opportunities that bring clear differentials to the market,' he noted.
“Enoc has a tremendous breadth of retailing experience that is a perfect fit for our core strengths. We are confident that the JV will create a new history in petroleum retailing in the GCC region and offer enhanced services for the convenience of our customers.'
'The stations will also be of immense value to travellers, especially during the Hajj season,' he added.-TradeArabia News Service