Total to invest heavily in Saudi Arabian gas station market
The company will announce plans to participate in Saudi Aramco’s new fuel retailing project.
Total will announce major plans for Saudi Arabia’s fuel retail market in the coming days, according to the company’s CEO Patrick Pouyanne.
Speaking on a panel with the Kingdom’s finance and economy ministers as well as the chief of Morgan Stanley at the World Economic Forum in Davos, Pouyanne assured that his company is investing “heavily” in Saudi Arabia.
“We will announce in the coming days that together with Saudi Aramco we will establish a retail network in Saudi Arabia,” he said.
It seems the global oil company will participate in Saudi Aramco’s new wholly owned subsidiary RetailCo – a new network of Aramco-branded gas stations offering modern services across the Kingdom. A time frame for the roll out of the sites still hasn’t been announced, reports Arab News.
In October, Saudi Aramco and Total announced plans to build a €5 billion giant petrochemical complex in Saudi Arabia.
