Saudi Aramco to set up gas stations

Updated 19 May 2014

Saudi Aramco to set up gas stations

Saudi Aramco has disclosed plans to enter the Kingdom’s retail market by setting up gas stations fully owned by the company.
“We had already begun implementing this project by the end of last year,” said the company’s annual report without giving an exact date for launching the service.
The move comes as part of the Saudi oil giant’s strategy to become an integrated energy company that enters into more business ventures, including petrochemicals and the sales of refined products.
A team set up for this purpose is reportedly weighing several strategic options to expand the company’s operations. Aramco has already received approval for establishing a fully owned company for retail services.
The new company is licensed to build, operate and maintain service stations in selected areas. The company will not only run gas stations but also supermarkets and other services. Aramco has indicated that it could hand services other than fuel supply to potential partners who could add value to the company and its trademark.
Two international companies — Shell and Mobil — left the Kingdom’s retail market after suffering losses, said Ahmed Al-Falih, deputy chairman of the National Committee for Gas Stations.
He said one of the two had paid SR80 million for nine stations. “Gas stations face problems in acquiring licensing and manpower,” he said.
Foreign investors in the sector are required to have 10 years’ experience in management, operation and maintenance. “About 90 percent of station owners are small investors,” Al-Falih said.

Condemnation of attacks on Saudi Aramco oil plants continue

Updated 17 September 2019

Condemnation of attacks on Saudi Aramco oil plants continue

  • Bahraini King calls Saudi leadership

RIYADH: Condemnations of Saturday’s attack on Saudi Aramco oil installations continued on Monday, as the US pointed out Iran as the likely culprit behind the drone strikes that have dramatically escalated tensions in the region and triggered a record leap in global oil prices.

King Salman and Crown Prince Mohammed bin Salman both received calls from the King Hamad bin Isa Al-Khalifa of Bahrain to condemn the attacks at Saudi oil facilities in Abqaiq and Khurais.

US Secretary of Defense Mark Esper called the crown prince, who is also the defense minister, to affirm his country's full support for the Kingdom.

British Foreign Secretary Dominic Raab said, “We will work with international partners to forge the widest and most effective response,” with a statement from his ministry saying the “UK remains committed to supporting the security of Saudi Arabia.”

India also slammed the attacks and reiterated the country’s “rejection of terrorism in all its forms and manifestations,” a foreign ministry spokesman said.

Official Spokesperson of the UN Secretary General Stephane Dujarric said in a statement that the Secretary General condemns Saturday's attacks on two Aramco oil plants.

The German Foreign Ministry spokeswoman said, “Such an attack on civilian and vital infrastructure in the Kingdom of Saudi Arabia is not justified”.

— with SPA