Dubai-based Emirates National Oil Company (ENOC) announced a major expansion strategy in Saudi Arabia as it plans to build 45 new service stations in the Kingdom over the next five years.
This step comes in line with the Ministry of Municipalities and Rural Affairs’ plan, which aims to establish more than 1,200 fuel supply stations in the country.
All 45 ENOC service stations will be strategically built on the Kingdom’s vast network of highways that inter-connect 13 provinces and serve as a major logistics and trade land-corridor, connecting the Kingdom to the rest of the Gulf Cooperation Council and the Middle East region, it said on Monday.
Over the next two years, its plan will focus on building stations in the Central Region, mainly Riyadh and the Eastern Province.
“With Saudi Arabia’s long-term vision to diversify its economy, boost tourism and infrastructure and enhance business and trade, our plan to expand our retail network by over 220 percent in the next five years is aligned with the Saudi Vision 2030,” said ENOC Chief Executive Saif al-Falasi.
Vision 2030 aims to reduce oil dependency, increase privatization and implement the Saudi nationalization project.
“Our 40-year heritage in building and operating best-in-class service stations across the UAE and Saudi Arabia are testament to our ability to build the infrastructure required for a robust network of service stations that will cater to the increased demand for fuel in the Kingdom,” added Falasi.
ENOC will not only ensure extending its retail network to cater to rural parts of the Kingdom but will also provide employment opportunities to Saudi nationals, he further noted.
The group currently operates 14 stations across the Kingdom, and its future service stations will also include ZOOM convenience stores.
Saudi Arabia is considered the largest market in the GCC region, with an area of 2.15 million square kilometers, and its population of over 33 million.
The Kingdom recently announced more than $50 billion worth of deals in the oil, gas and infrastructure sectors.
It made the declaration during the Future of Investment Initiative, which was held in Riyadh in October to boost economic, social and national development in the country.
