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FINANCIAL NEWS
Adnoc in talks to acquire service stations in Dubai
17 Nov 2014
(MENAFN) Abu Dhabi-based Adnoc Distribution announced it is currently in talks to acquire a number of service stations in Dubai, with expectations circling that the company is planning to acquire Emirates General Petroleum Corporation (Emarat) service stations in the emirate, Emirates 24/7 reported.
If the deal with Emarat is signed, it will be the second deal signed between the two sides after Adnoc Distribution signed an agreement with the company last September for the acquisition of 75 service stations within 24 months of signing that agreement.
Under that agreement, Adnoc Distribution was set to acquire 75 service stations in Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah, as well as a fuel depot at Port Khalid in Sharjah, with Adonic saying that it has completed acquisition of 34 Emarat and the fuel depot in August of this year.
“Adnoc Distribution’s strategy is in line with its commitment to provide world-class services and products to customers and keep pace with the growing demand emerging out of the rapid economic developments in the UAE,” Adnoc said in a statement.
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