Adnoc petrol station to open in Dubai by end of 2018
Abu Dhabi: Adnoc Distribution is set to open a petrol station in Dubai by the end of 2018 with two more expected at the beginning of next year, according to sources in Adnoc Distribution.
“All three petrol stations in Dubai will have the same design like that of petrol stations in Abu Dhabi, but there won’t be self-service option like in Abu Dhabi,” a source told Gulf News.
The development comes as the fuel and retail arm of Abu Dhabi National Oil Company (Adnoc) eyes expansion in the UAE as well as in Saudi Arabia.
In January this year, Adnoc Distribution announced it will open at least 13 new service stations in the UAE and Saudi Arabia in 2018 as part of its expansion plans in the region.
Three new service stations are planned in Dubai, nine in Abu Dhabi, Ajman and Fujairah and at least one site in Saudi Arabia under a franchise agreement, the company said in a statement on Abu Dhabi Securities Exchange in January.
Adnoc Distribution operates 360 retail fuel stations in the UAE as of December 31, 2017 along with a number of convenience stores.
The company was listed on Abu Dhabi Securities Exchange last year with the stock opening at Dh2.90 compared to the final IPO price of Dh2.50, a 16 per cent increase.
It raised Dh3.1 billion after it offered 10 per cent of its shares through an initial public offering (IPO).
In the first half of this year, Adnoc Distribution reported a net profit of Dh1.12 billion, up by 18 per cent to compared with the same period last year. Net profit for the second quarter of 2018 surged by 24 per cent compared to the second quarter of 2017.
“We are on track to hit our declared target of achieving approximately Dh190 million in cost savings in 2018 and, as a newly public company, are continuing to exercise a heightened level of discipline in capital investments, resulting in a reduction in our capital expenditure budget compared to 2017,” said Adnoc Distribution’s Acting CEO, Saeed Mubarak Al Rashdi in a statement last month.
“Notably, we have been able to achieve these costs savings while continuing to grow our service station network, and without impacting safety, quality and our customer experience.”
The company introduced self-service option at various petrol stations in Abu Dhabi from June 30 this year. Motorists will pay Dh10 extra if they want a petrol-station attendant to fill their vehicles with fuel.
Emirate: Dubai
Date: Sep 12, 2018
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