Riyadh: Wafi Energy Company (Wafi) has signed an agreement with the Shell Global giving the latter exclusive franchise right in the Kingdom of Saudi Arabia to establish and operate fuel stations and car services for Shell Global in various cities across the Kingdom.

The signing of the agreement was attended by the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail.

Wafi also signed a memorandum of understanding (MoU) with the Ministry of Municipal and Rural Affairs and Housing, to benefit from the services provided by the investment portal "Foras", which was established and managed by the Ministry, to support partnership and promote integration between the public and private sectors to provide investment opportunities for interested private sector parties, while maintaining planning standards and development trends of cities and their needs, and the availability of municipal real estate suitable for this type of activities.

Shell Global is the largest operator of gas stations and car services in the world, operating more than 46,000 stations in 80 countries.

The company is the technical partner and main sponsor of the Ferrari Formula 1 team.

Shell Global will transfer the latest expertise to the Kingdom to provide the latest technology with the best services at the highest international levels.