LONDON: Saudi Aramco and Total on Thursday agreed to invest $1
billion in the Kingdom’s retail fuel market in a move that is
expected to create thousands of new jobs.
The investment will be made over a six-year period, the pair said
in a joint statement.
“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, executive
committee member at Total, “This new agreement is also
reaffirming our long-term partnership with Saudi Aramco.”
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.
It means that the Aramco-Total joint venture will take control of
an existing network of 270 service stations together with their
“We aim to enhance the quality of services, as well as create
thousands of jobs and additional investment opportunities in the
Kingdom, said Abdulaziz Al-Judaimi, Saudi Aramco senior vice
president of downstream.”
“This project will also help optimize the total value of our
Total CEO Patrick Pouyanne teased Thursday’s announcement last
month during a panel at the World Economic Forum in Davos.
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Source: FS – All-News-Economy
Total and Saudi Aramco to create thousands of jobs in bn gas station plan