Riyadh – Mubasher: Saudi Aramco and France’s Total said they may jointly-purchase fuel operators or stations in the kingdom such as Tas’helat Marketing Co., informed sources told Bloomberg on Wednesday.
This cooperation aims to form networks of retail fuel stations in Saudi Arabia.
Aramco and Total are also holding discussions regarding various options such as merging some businesses or stations, the sources said, noting that the two companies may instead start businesses from scratch.
France’s Credit Agricole and Saudi Fransi Capital, the 100%-owned subsidiary of Banque Saudi Fransi (BSF), will be advising the companies on their suggested plans, the sources added.
Earlier in April, Aramco and Total signed a memorandum of understanding (MoU) to build a large petrochemical complex in Jubail at around $20 billion in total investments.
The deal was inked during Crown Prince Mohammed bin Salman’s visit to France.
“Aramco, which is planning what could be the world’s largest initial public offering, is scouting for acquisitions as it seeks to become an integrated energy company with operations spanning the full spectrum of activities in the industry. The company asked banks to pitch for roles to help identify natural gas assets globally,” sources told the news agency at an earlier time.
