Dubai-based Emirates National Oil Company will build 45 new service stations in Saudi Arabia over the next five years, as the kingdom's privatisation efforts attract UAE-based fuel retailers.
Enoc Group's plans for Saudi Arabia, starting with the capital Riyadh and the Eastern Province, come as part of efforts to expand its retail network by over 220 per cent over the next five years in Saudi Arabia, said chief executive Saif Al Falasi in a statement on Monday.
All 45 of the fuel stations will be built along the vast network of highways that connect 13 provinces and will serve as a major logistics and trade land corridor.
Mr Al Falasi told The National in a recent interview the Dubai energy company, which has the largest refinery in the emirate, said was eyeing new opportunities to trade products in Africa as well as enter the fuel retail business in Saudi Arabia.
Mr Al Falasi said in the interview the company was close to completing the refurbishment of 15 fuel service stations in Saudi Arabia by year-end.
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"Now we’re looking at things much faster, to retrofit stations but for 2018, we would have completed the 15 stations. We have an agreement with a retailer in Saudi Arabia to franchise our brand,” Mr Al Falasi said at the time.
Enoc is not the only UAE-based retailer to make forays into the Saudi market, where the municipal and rural affairs ministry plans to roll out 1,200 petrol stations.
Last week, Abu Dhabi-based Adnoc Distribution - the UAE's biggest fuel and convenience retailer - opened two stations in the kingdom.
The two stations are located in the Saudi capital of Riyadh and the city of Hofuf in the eastern province.
Adnoc had secured a trade licence to operate in the kingdom in March.
