State-owned Saudi Aramco on Wednesday announced the creation of the Saudi Aramco Retail Company (RetailCo), a wholly-owned subsidiary, in order to cater to the Kingdom's fuel retail business.
The new company will grow its operations in the automotive fuel segment, offering customers enhanced services and quality products while implementing a sustainable and profitable business model that delivers a new and stable source of revenue for the company, the oil major said in a statement.
RetailCo’s core business and operations will take a phased approach to expand its network of domestic fuel retail stations to cover the Kingdom.
“Integrating fully across the hydrocarbon value chain is key to capturing maximum value from our resources. We are very excited with the establishment of RetailCo. It will leverage synergies in our business model and position us to actively participate in the customer-facing segment of the downstream value chain,” Abdulaziz Al-Judaimi, senior vice president of downstream, Saudi Aramco, said in a statement.
“By instituting a customer focus culture, combined with premium fuels and services, RetailCo will strive to exceed its customer’s expectations, thereby ensuring its business is sustainable for the long-term," he added.
Comments
{{DisplayName}}
{{ElapsedTime}}