The board of directors of the Abu Dhabi National Oil Company (ADNOC Distribution) will discuss, on Wednesday, December 30th, to consider issuing a passing decision regarding the acquisition of assets for fuel distribution in the Kingdom Saudi Arabia.
The company said in a statement to the Abu Dhabi Stock Exchange, today, Monday, that the acquisition targeted for discussion is estimated at a purchasing value of 10 million dollars, equivalent to 37.5 million Saudi riyals.
and press reports last August stated that ADNOC Distribution was studying potential opportunities in the Indian lubricants market to expand its global presence.
The UAE's largest retail fuel company aims to grow organically in Saudi Arabia, by having advanced discussions with partners in the kingdom, according to the Khaleej Times.
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The ADNOC Distribution Company announced in 2018 that it had obtained a license to do business in Saudi Arabia under which it would be able to own, operate and manage petrol stations on the territory of the Kingdom. It has two stations in Saudi Arabia.
