Aldrees to sell SAR 35 mln Unifco stake to ENOC

15/07/2015 Argaam

Aldrees Petroleum and Transport Services (Aldrees) will sell its full stake in United Fuel Co. (Unifco) to Emirates National Oil Co. (ENOC) for SAR 35 million, the Saudi-based company said in a statement to Tadawul.

 

ENOC and Aldrees signed an agreement on Wednesday related to the divestment in Unifco, which is a joint venture between the two companies.

 

Aldrees added that it expects a positive impact of SAR 3.9 million in the third quarter as a result of the deal.

 

The payment will be made within 60 days following the signing of the agreement. 

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