By Arab News
LONDON: Saudi Aramco and Total on Thursday agreed to invest $1 billion in the Kingdom’s retail fuel market in a move that is expected to create thousands of new jobs.
The investment will be made over a six-year period, the pair said in a joint statement.
“Total is proud to be the first international oil major to invest in Saudi Arabia’s fuel retail network. This joint venture agreement is in line with our global strategy to expand in fast-growing markets worldwide.” said Momar Nguer, executive committee member at Total, “This new agreement is also reaffirming our long-term partnership with Saudi Aramco.”
The two companies have also signed an agreement with the owners of Tas’helat Marketing Company (TMC) and Sahel Transport Company (STC) to acquire TMC and STC.
It means that the Aramco-Total joint venture will take control of an existing network of 270 service stations together with their tanker fleet.
“We aim to enhance the quality of services, as well as create thousands of jobs and additional investment opportunities in the Kingdom, said Abdulaziz Al-Judaimi, Saudi Aramco senior vice president of downstream.”
“This project will also help optimize the total value of our hydrocarbon resources.”
Total CEO Patrick Pouyanne teased Thursday’s announcement last month during a panel at the World Economic Forum in Davos
