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FinancialNews
27-07-21
Riyadh fuel Petroleum, Transport Services to acquire service stations in Egypt
(MENAFN)The Riyadh-headquartered Aldrees Petroleum and Transport Services Co. (Aldrees) set a request to obtain service stations in Egypt, as part of a wider plan to enlarge into the North African country.
Putting its total number of outlets to 644, Aldrees did not yet get a response to its acquisition query but it is aiming to inaugurate 60 fuel stations in Egypt in the July-December of 2021.
Argaam quoted Vice Chairman Abdulmohsen Aldrees as saying that at the end of last year, the company owned 584 stations, and it is planning to have a total of 1,000 stations within the next five years.
The Kingdom has 11,000 fuel stations and the company added that it currently holds around a 5.3 percent stake, with 90 percent of the facilities in the Kingdom owned by individual owners and only the remaining 10 percent in the hands of larger companies.
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