Total to Forge $1 Billion Fuel Retail JV With Saudi Aramco
14 Febrero 2019 - 5:51AM
Noticias Dow Jones
By Patrick Costello
France's Total SA (FP.FR) said Thursday that it signed a
joint-venture agreement with Saudi Aramco to develop a network of
fuel and retail services in Saudi Arabia, making the French group
the first international oil major to invest in the country's fuel
retail network.
The two companies plan to invest roughly $1 billion in the Saudi
fuel retail market over the next six years under the 50-50 joint
venture, the French oil company said.
Total said the agreement is part of its overall strategy "to
expand in fast-growing markets worldwide."
Total and Saudi Aramco have also signed an agreement to acquire
the Tas'helat Marketing Company and the Sahel Transport Company,
including their existing network of 270 service stations and
fuel-tanker fleet. Total and Saudi Aramco plan to modernize the
network and build additional service stations at select locations,
the French company said.
The operation remains subject to approval from the relevant
administrative authorities, Total said.
Write to Patrick Costello at patrick.costello@dowjones.com.
(END) Dow Jones Newswires
February 14, 2019 06:36 ET (11:36 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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