ADNOC Distribution announced it has completed the acquisition of 34 Emarat service stations and a fuel depot at Port Khaled in Sharjah.
To date in August, ADNOC Distribution has achieved the successful takeover of six Emarat service stations. Work on one remaining service station is due for completion at the end of the current month.
The acquisitions are in line with an agreement that ADNOC Distribution signed with Emarat in September 2013 towards the take-over of 75 service stations within a period of 24 months from signing the agreement that was initially inked in September 2013.
Khalid Hadi, Vice-President of Marketing and Corporate Communications Division at ADNOC Distribution, said: “This month alone, we have completed the acquisition of Jameat, Burhan and Al Sharjah service stations in the emirate of Sharjah, Dhait and Adhen in Ras Al Khaimah, and Al Fahad in Ajman. The take-over of Al Aabar service station is planned for August 28. We have already completed rebranding works at the Al Madar, Al Madina and Al Dorra service stations. Work is also progressing in the Al Khalidia, Al Yarmouk, Al Kharran, Al Abraq, Essa, Majid, Maisaloon, Musalla and Al Maha service stations. This will be followed by the commencement of refurbishment work at the remaining stations under the acquisition agreement.”
As per its agreement with Emarat, ADNOC Distribution will complete the acquisition of 10 additional service stations during September 2014. These include Anwar in Sharjah, Huwailat, Shaam, Shamil RAK and Gasoil in the emirate of Ras Al Khaimah, as well as Manama and Shamil Ajman in Ajman, and Akamiya Tawiyan and Khabbah in the emirate of Fujairah.
Hadi added: “We thank Emarat and our teams at ADNOC Distribution for facilitating a smooth take over and ensuring that customers are not inconvenienced during the changeover. We also thank our CEO His Excellency Abdulla Salem Al Dhaheri for his consistent support and commitment to leveraging our network of service station, developing our retail offerings and meeting diverse customer needs across the UAE.”
The acquisition agreement signed with Emirates General Petroleum Corporation (Emarat) mandates ADNOC Distribution to acquire 75 service stations in Sharjah, Ajman, Umm Al Quwaim, Ras Al Khaimah and Fujairah, as well as a fuel depot at Port Khalid in Sharjah. These stations are geographically located as follows: 31 in Sharjah, 16 in Ras Al Khaimah, 12 in Fujairah, 10 in Ajman, and six stations in the emirate of Umm Al Quwain.
Monday, August 25- 2014 @ 16:35 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.