Saudi Aramco and Total Invest in High-Quality Fuels and Retail Network in Saudi Arabia
14 Febrero 2019 - 5:29AM
Business Wire
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
Saudi Aramco and Total today signed a Joint Venture (JV)
Agreement to develop a network of fuel and retail services in Saudi
Arabia. The 50:50 JV plans to invest around USD 1 billion over the
next 6 years in the Saudi fuel retail market and start providing
motorists with premium fuels and retail services in Saudi
Arabia.
“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, President
Marketing and Services and Executive Committee Member at Total,
“This new agreement is also reaffirming our long-term partnership
with Saudi Aramco. Following our joint investments in SATORP
refining and petrochemical complex, we are pleased to bring to the
Saudi market our expertise and customer-minded approach in retail
and contribute to local employment development.”
“I am excited about this major milestone, which will help
transform the fuel retail market in the Kingdom. We look forward to
working together with our long-term partner Total, and draw on
their extensive experience in the fuel retail market,” said
Abdulaziz Al-Judaimi, Saudi Aramco Senior Vice President of
Downstream. He added: “We aim to enhance the quality of services,
as well as create thousands of jobs and additional investment
opportunities in the Kingdom. This project will also help optimize
the total value of our hydrocarbon resources.”
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, thereby jointly acquiring their
existing network of 270 service stations and their fuel tanker
fleet. Saudi Aramco and Total plan to modernize this network and
build high-quality service stations at selected locations.
This operation is subject to prior approval of the competent
administrative authorities.
* * * * *
About Total
Total is a major energy player, which produces and markets
fuels, natural gas and low-carbon electricity. Our 100,000
employees are committed to better energy that is safer, more
affordable, cleaner and accessible to as many people as possible.
Active in more than 130 countries, our ambition is to become the
responsible energy major.
About Saudi Aramco
Saudi Aramco is a global integrated energy and chemicals
company. We are driven by the core belief that energy is
opportunity. From producing approximately one in every eight
barrels of the world’s oil supply to developing new energy
technologies, our global team is dedicated to creating impact in
all that we do. We focus on making our resources more dependable,
more sustainable and more useful. This helps promote stability and
long-term growth around the world. www.saudiaramco.com
* * * * *
Cautionary note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms “Total” and “Total Group”
are sometimes used for convenience where general references are
made to TOTAL S.A. and/or its subsidiaries. Likewise, the words
“we”, “us” and “our” may also be used to refer to subsidiaries in
general or to those who work for them.
This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL S.A. nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190214005399/en/
TotalMedia Relations: +33 1 47 44 46 99 l
presse@total.com l @TotalPressInvestor Relations: +44 (0)207 719
7962 l ir@total.com
Saudi AramcoMedia Relations:
international.media@aramco.com l @Saudi_Aramco
TotalEnergies (EU:TTE)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
TotalEnergies (EU:TTE)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024