Adnoc petrol station to open in Dubai this year
Two more expected next year, but none will have self-service option
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Adnoc Distribution is set to open a petrol station in Dubai this year with two more expected at the beginning of next year, according to sources in Adnoc Distribution.
“All three petrol stations in Dubai will have the same design like that of petrol stations in Abu Dhabi, but there won’t be a self-service option as in Abu Dhabi,” a source told Gulf News.
The development comes as the fuel and retail arm of the Abu Dhabi National Oil Company (Adnoc) eyes expansion in the UAE as well as in Saudi Arabia.
Last January Adnoc Distribution announced it will open at least 13 new service stations in the UAE and Saudi Arabia in 2018 as part of its expansion plans in the region.
Three new service stations are planned in Dubai, nine in Abu Dhabi, Ajman and Fujairah and at least one site in Saudi Arabia under a franchise agreement, the company said in a statement on the Abu Dhabi Securities Exchange in January.
Adnoc Distribution operates 360 retail fuel stations in the UAE as of December 31, 2017 along with a number of convenience stores.
The company was listed on the Abu Dhabi Securities Exchange last year. It raised Dh3.1 billion when it offered 10 per cent of its shares through an initial public offering (IPO).
Net profit up 18%
In the first half of this year, Adnoc Distribution reported a net profit of Dh1.12 billion, up 18 per cent over the same period last year.
“We are on track to hit our declared target of achieving approximately Dh190 million in cost savings in 2018 and, as a newly public company, are continuing to exercise a heightened level of discipline in capital investments, resulting in a reduction in our capital expenditure budget compared to 2017,” said Adnoc Distribution’s Acting CEO, Saeed Mubarak Al Rashdi in a statement last month.