Saudi Aramco has created a wholly-owned subsidiary called Saudi Aramco Retail Company (RetailCo) for fuel retailing and to support its downstream business.
The new company will be responsible for all Saudi Aramco’s fuel retailing and associated non-fuel activities.
The new business unit is expected to be more sensitive to the retail market dynamics and to integrate the whole the hydrocarbon value chain, said Saudi Aramco.
Saudi Aramco Downstream senior vice-president Abdulaziz Al-Judaimi said: “Integrating fully across the hydrocarbon value chain is key to capturing maximum value from our resources.
“We are very excited with the establishment of RetailCo. It will leverage synergies in our business model and position us to actively participate in the customer-facing segment of the downstream value chain.”
In phases, RetailCo will create a network of domestic fuel retail stations across the country to sell automotive fuels. However, the company did not divulge additional details of the planned fuel retail network.
But, it plans to develop RetailCo as a complete downstream retail entity of Saudi Aramco.
Al-Judaimi added: “By instituting a customer focus culture, combined with premium fuels and services, RetailCo will strive to exceed its customer’s expectations, thereby ensuring its business is sustainable for the long-term.
“Kingdom consumers will experience the hallmarks of Saudi Aramco’s brand essence which promises quality, reliability and safety, ensuring a vibrant and enriching stopover experience at our network of fuel retail stations.”