Abu Dhabi’s ADNOC Distribution will make its debut in the Dubai market this year by opening three fuel retail stations, and is looking for a partnership to enter Saudi Arabia, a senior executive said .
“We don’t have a presence in Dubai, therefore if you are an ADNOC customer, you don’t have that optionality in Dubai,” deputy chief executive John Carey told Reuters after the company’s shareholder meeting.
The new sites in Dubai will be among 13 that the company plans to open in the UAE this year, he said, compared to 24 in 2017.
The listing of ADNOC Distribution shares last year after an initial public offer marked a major step by Abu Dhabi National Oil Co towards privatization of its assets.
Franchise model for Saudi market
“For me this is less about the speed and much more about the quality of how we go in and ensure the offer we have for Saudi Arabia is a compelling offer and the partners we work with are compelling,” he said.
Shareholders of ADNOC Distribution, the UAE’s largest fuel and convenience retailer, approved $200.1 million (735 million dirham) dividend payment at the company’s first annual general meeting.