x Abu Dhabi, UAESaturday 25 November 2017

Adnoc Distribution to sell engine oil and lubricants in Ethiopia and Yemen

Deals are part of service station operator's ambitious growth plans

The price at the pump has been fluctuating for UAE residents since 2015. Mona Al Marzouqi / The National
The price at the pump has been fluctuating for UAE residents since 2015. Mona Al Marzouqi / The National

Service station operator Adnoc Distribution will sell engine oil and lubricant in Ethiopia and Yemen as it seeks to expand its presence in international markets.

The new supply agreements for its Voyager branded products are with Ethiopia’s Kinsi General Trading Company and Yemen’s Myco General Trading Company, according to Adnoc Distribution.

"With a combined population of approximately 130 million people, Ethiopia and Yemen offer markets that represent a highly compelling opportunity to boost sales and further diversify our business,” said Saeed Al Rashdi, Adnoc Distribution's acting chief executive.

The company is already selling lubricants in other markets including Bahrain and Oman.

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Mr Al Rashdi said that the company's ambitious plans over the coming years are in line with the Adnoc Group’s 2030 strategy to find new and innovative ways to grow.

Adnoc’s new corporate strategy includes the consideration of the public flotation of shares in select service business units as part of a broader plan to more actively manage its portfolio of assets and form new partnerships. That is expected to unlock value, create and grow revenue streams, and foster entrepreneurship within the organisation as well as in the broader economy.

Adnoc is considering the sale of a stake to the public in Adnoc Distribution, which operates more than 360 service stations throughout the UAE.