Petromin to invest SAR 2.5 bln in fuel stations by 2020
Saudi Arabia’s Petromin Corporation plans to invest nearly SAR 2.5 billion to set up and operate over 230 fuel-retail stations by 2020, Al Jazirah newspaper reported citing Samir Nawar, the corporation’s chief executive.
The investments will support the labor market by creating at least 5,000 new jobs for Saudi nationals, the CEO said, speaking at the opening of the company’s first integrated petrol station on the Medina-Jeddah highway.
The new station, built at a cost of SAR 11.5 million, brings the total number of stations owned by the company to seven.
“We plan to increase the number to 20 by the end of this year,” Nawar added.
Petromin is a lubricants and automotive services company which owns a chain of integrated stations in the kingdom. Each station includes fuel retailing, convenience stores, quick lube change outlets, fast food outlets, drive-through coffee shops and ATMs.