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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
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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.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.