Aldrees Petroleum & Transport Services Company (ALDREES) announces the signing of a joint venture (JV) agreement with Emirates National Oil Company (ENOC) on Tuesday, 28 August 2012 (10/10/1433H) for the purpose of establishing a limited liability company to engage in owning and leasing, construction, operation and maintenance of modern fuel stations on highways and in select cities in Saudi Arabia.
The initial capital investment shall be Forty Five Million Saudi Riyals (SAR 45,000,000) to be shared equally by the two companies.
The JV company will be run by an independent management team composed of representatives from both parties.
The JV company envisions establishing a total of forty (40) fuel stations
Emirates National Oil Company (ENOC) is wholly owned by the Government of Dubai which owns and operates a large network of fuel stations in the UAE.
Comments
{{DisplayName}}
{{ElapsedTime}}