Aramco declares buyout of TMC shares

The transaction represents a key strategic milestone in its journey and reflects Aramco's direction toward strengthening its presence in the Kingdom's retail fuel sector

Saudi Aramco has completed the acquisition of all ownership interests in Tas’helat Marketing Co. (TMC), making it a wholly owned subsidiary.

In a post published on its official LinkedIn account, TMC said the takeover represents a key strategic milestone in its journey and reflects Aramco's direction toward strengthening its presence in the Kingdom's retail fuel sector.

It also supports Aramco's efforts to develop an integrated customer service ecosystem and provide high-quality products and services, in accordance with the highest operational standards.

Moreover, TMC’s full integration into Aramco will enable it to benefit from the latter’s capabilities and expertise, supporting further growth and creating sustainable value for all stakeholders, it added.

TMC also affirmed that it will continue providing its services to customers and partners at the same level during the coming phase, leveraging the support and capabilities made available through Aramco's full ownership of the company.

According to data available to Argaam, TMC was established in the Eastern Province in 1957 and is considered the first Saudi company to own and operate a chain of fuel stations and car service centers in the Kingdom.

In February 2019, Saudi Aramco, through its wholly owned subsidiary Aramco Saudi Retail Co. and TotalEnergies, represented by its subsidiary Total Marketing Services, signed an agreement with TMC and Sahel Transport Co. to acquire their fuel station networks, comprising 270 fuel stations located across most regions of the Kingdom, in addition to their fuel tanker fleet.