ADNOC Distribution Reaffirms Commitment to Saudi Arabia by Opening New Station

ADNOC Distribution Reaffirms Commitment to Saudi Arabia by Opening New Station
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ADNOC Distribution Reaffirms Commitment to Saudi Arabia by Opening New Station

ADNOC Distribution Reaffirms Commitment to Saudi Arabia by Opening New Station

ADNOC Distribution, the UAE’s largest fuel and convenience retailer, has announced the opening of its latest ADNOC service station in the Saudi Arabia.

The station would be the first to fully showcase the company’s modern fuel and retail convenience offering with an integrated ADNOC Oasis store, car wash and lube change.

During H1 2021, the company received no objection certificates from the Saudi General Authority for Competition (GAC) to acquire 35 stations in the Kingdom, deals which were previously announced in December 2020 and February 2021.

ADNOC Distribution plans to open more ADNOC service stations in Saudi Arabia in 2021, in accordance with its smart growth strategy locally and internationally.

The new station is the first in the Kingdom to be fully constructed and operated by ADNOC Distribution, bringing its modern fuel and retail convenience to customers and communities in Saudi Arabia.

It will offer fuel and non-fuel retail, with car wash and lube change located onsite, as well as the first signature ADNOC Oasis store in KSA, offering a wide selection of products and a range of fresh food and hot and cold made-to-order beverages.

“We reaffirmed out commitment to Saudi Arabia through the intention to expand our presence both through acquisition and organic growth,” said Eng Bader Saeed al-Lamki, CEO of ADNOC Distribution.

“Having first opened in the Kingdom in 2018, this continued expansion is an integral part of our company’s overarching strategic growth plans,” he added, noting that the company looks forward to more openings in 2022.



Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Trims Gains on Dollar Strength, Tight Supplies Provide Support

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices trimmed earlier gains on Wednesday as the dollar strengthened but continued to find support from a tightening of supplies from Russia and other OPEC members and a drop in US crude stocks.

Brent crude was up 21 cents, or 0.27%, at $77.26 a barrel at 1424 GMT. US West Texas Intermediate crude climbed 27 cents, or 0.36%, to $74.52.

Both benchmarks had risen more than 1% earlier in the session, but pared gains on a strengthening US dollar.

"Crude oil took a minor tumble in response to a strengthening dollar following news reports that Trump is considering declaring a national economic emergency to provide legal ground for universal tariffs," added Ole Hansen, analyst at Saxo Bank.

A stronger dollar makes oil more expensive for holders of other currencies.

"The drop (in oil prices) seems to be driven by a general shift in risk sentiment with European equity markets falling and the USD getting stronger," said UBS analyst Giovanni Staunovo.

Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, a Reuters survey showed.

In Russia, oil output averaged 8.971 million barrels a day in December, below the country's target, Bloomberg reported citing the energy ministry.

US crude oil stocks fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.

Despite the unexpected draw in crude stocks, the significant rise in product inventories was putting those prices under pressure, PVM analyst Tamas Varga said.

Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.

"We are holding to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024," BMI, a division of Fitch Group, said in a client note.