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Saudi Aramco to set up new retail network

18/01/2019
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One of the world’s largest upstream oil and gas companies, Saudi Aramco, continues in its diversification into downstream operations with the announcement that it will set up a new retail network with a focus on selling automotive and aviation fuel.
Artist's rendering of a potential design for Aramco's retail fuel stations to be launched across Saudi Arabia.
(Artist’s rendering of a potential design for Aramco’s retail fuel stations to be launched across Saudi Arabia. Image via Saudi Aramco).

The business unit, named RetailCo, will set up Saudi Aramco-branded fuel stations across Saudi Arabia. According to a company representative, the “flagship fuel stations will be destinations on critical intercity highways, offering a full range of services, including food, convenience store, and other amenities. Inner city fuel stations will retain the same keen attention to cleanliness and detail, while offering a more pared down list of services”.

The company’s diversification into fuel retail is being seen as an attempt to shield Aramco from the effects of global crude oil price fluctuations. As the demand for liquid transport fuel continues to increase, a presence in the retail fuel sector will help Aramco to diversify its market risks and diversify into new revenue streams.

Hundreds of jobs are expected to be created as a result of the new retail network, with Saudi Aramco stating that it is committed to ‘the creation of well-paid jobs for Saudi citizens, opening up opportunities at all levels in convenience stores, fuel pumps, restaurants, and other associated businesses at the fuel stations’.

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Tags: Oil & Gas
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Saudi Aramco to set up new retail network - Time to read 2 min
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