Adnoc acquires 34 service stations in UAE
Abu Dhabi, August 26, 2014
Adnoc Distribution, a unit of Abu Dhabi National Oil Company, has announced the successful acquisition of 34 Emarat service stations and a fuel depot at Port Khaled in Sharjah.
As per the agreement signed with Emirates General Petroleum Corporation (Emarat), Adnoc Distribution will be taking over 75 service stations in the emirates. Of these 31 are in Sharjah, 16 in Ras Al Khaimah, 12 in Fujairah,10 in Ajman, and six stations in Umm Al Quwain.
Till date, the Abu Dhabi group has acquired more than six Emarat service stations, while work on one remaining service station is due for completion next week.
These acquisitions are in line with an agreement signed with Emarat last September which allows Adnoc to complete the acquisition of all 75 service stations within two years from signing the deal.
Khalid Hadi, the VP of Marketing and Corporate Communications Division at Adnoc Distribution, said: "This month alone, we have completed the acquisition of Jameat, Burhan and Al Sharjah service stations in Sharjah, Dhait and Adhen in Ras Al Khaimah, and Al Fahad in Ajman."
"The take-over of Al Aabar service station is planned for August 28. We have already completed rebranding works at the Al Madar, Al Madina and Al Dorra service stations. Work is also progressing in the Al Khalidia, Al Yarmouk, Al Kharran, Al Abraq, Essa, Majid, Maisaloon, Musalla and Al Maha service stations," noted Hadi.
"This will be followed by the commencement of refurbishment work at the remaining stations under the acquisition agreement," he added.
As per the deal with Emarat, Adnoc Distribution will complete the acquisition of 10 additional service stations in September. These include Anwar in Sharjah, Huwailat, Shaam, Shamil RAK and Gasoil in Ras Al Khaimah, as well as Manama and Shamil Ajman in Ajman, and Akamiya Tawiyan and Khabbah in Fujairah.-TradeArabia News Service