Media ININ Economy We Trust
Media In / Riyadh February 14,
Saudi Aramco, represented by its wholly-owned Saudi Aramco retail company and Total France, represented by Total Marketing and Services, signed a joint venture agreement (50% each) to enter the retail fuel market in the Kingdom.
This move is in line with the Infrastructure and Transport Initiative under the Quality of Life 2020 program, one of the programs to achieve the vision of the Kingdom 2030. Saudi Aramco and Total plan to invest about 3.75 billion riyals in the next six years to expand and develop the current network of fuel stations, Wide consumers in the Kingdom.
The aim of these agreements is to create new jobs and investment opportunities in the Kingdom, as well as to improve the reliability of services provided to customers in line with the quality of life program, one of the programs to achieve the vision of the Kingdom 2030, and will help to extract the full value of hydrocarbon resources.
Saudi Aramco, the retail marketing arm of Ritalko, Total Marketing Services, and Tahal Marketing Company, and Sahl Transport Company signed an agreement to acquire their 270 gas stations in most parts of the Kingdom, Ritalco and Total Marketing Services will gradually develop these stations to upgrade their existing services and facilities and reach the desired level for all consumers and their customers. This acquisition will be subject to approval by Regulatory.
