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SAUDI ARABIAN OIL COMPANY

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Saudi Arabian Oil : Aramco and TotalEnergies launch their retail network in Saudi Arabia

10/25/2021 | 03:34am EST

Aramco and TotalEnergies have launched the first two service stations of their joint retail network in Riyadh, Saudi Arabia's capital, and Saihat, in the country's Eastern Province. It follows the signing of a 50:50 Joint Venture (JV) Agreement between Aramco and TotalEnergies in 2019, with plans to significantly upgrade a network of 270 service stations and expand the range of quality retail services available across the Kingdom.

This network will comprise Aramco or TotalEnergies branded stations, providing motorists with premium fuels and retail services.

Amin H. Nasser, Aramco President and CEO, said: "The opening of the first service stations marks an important milestone as we continue to expand our presence in the Kingdom's downstream value chain. With our longstanding partner TotalEnergies, we are creating a premium network that will enhance the experience of Saudi Arabia's motorists and travelers. As the Kingdom scales up tourism projects, we can expect domestic travel to increase, along with demand for hospitality and travel services. With our entry into retail, we aim to deliver the best experience possible for customers, while creating opportunities for Saudis to pursue careers in retail and marketing."

Patrick Pouyanné, Chairman and CEO of TotalEnergies, present at the inauguration ceremony in Riyadh, declared: "We aim to provide our new Saudi customers with clean, reliable and accessible energy,'' "The opening of these two first stations is another step forward in reaffirming our long-standing partnership with Aramco, following our joint investments in SATORP since 2008. I am delighted that this also marks a new milestone in our four decades-long presence in Saudi Arabia, contributing to the local economy of Saudi Arabia."

Operating under both brands, customers can expect the same high level of service, including quality fuels, one-stop convenience stores, efficient automotive services such as oil change and car wash, loyalty programs and a fully digitalized customer journey. The TotalEnergies stations will house Bonjour Café, while the Aramco stations will feature Fai Café, where customers can enjoy freshly baked pastries, premium coffee and relax while waiting for their vehicles. The stations are also equipped with solar panels, in line with the Saudi Green Initiative's goals.

Disclaimer

Saudi Aramco - Saudi Arabian Oil Company published this content on 25 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2021 07:33:11 UTC.


ę Publicnow 2021
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Sales 2021 1 435 B 383 B 383 B
Net income 2021 400 B 107 B 107 B
Net Debt 2021 222 B 59 293 M 59 293 M
P/E ratio 2021 17,4x
Yield 2021 4,06%
Capitalization 6 996 B 1 865 B 1 865 B
EV / Sales 2021 5,03x
EV / Sales 2022 4,53x
Nbr of Employees 79 000
Free-Float 1,76%
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Number of Analysts 17
Last Close Price 34,90 SAR
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Spread / Average Target 4,16%
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Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Director, SVP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Ziad Thamer Al-Murshed Vice President-International Operations
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