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ADNOC Distribution, the UAE's largest fuel and retail distributor, is planning to open a total of 10 ADNOC-branded fuel service stations in Egypt by the end of 2023, the company CEO said.
On Saturday, the ADX-listed Company officially opened its first three service stations in the country in the Greater Cairo area.
Bader Al-Lamki told Zawya Projects they are preparing to open seven more fuel stations this year. These new stations will join the three existing ones in Degla Maadi, Obour City, and the Suez Ring Road.
The inauguration ceremony was held at the Company's Degla Maadi station, which was built at a total cost of 50 million Egyptian pounds ($1.6 million). As part of this initial roll-out, the Company launched its signature ADNOC Oasis convenience stores.
Lamki said Egypt's fuel retail market holds great promise for future growth, with ADNOC Distribution looking forward to bringing more innovative and digitally-backed services.
Earlier this year, the Company announced the completion of the acquisition of a 50 percent stake in TotalEnergies Marketing Egypt (TEME), marking its official entry into Egypt.
The joint venture includes a diversified downstream portfolio of 240 fuel retail stations, 100+ convenience stores, 250+ lube changing stations, car washes, lubricants, wholesale, and aviation fuel operations. It recently expanded its corporate portfolio in the aviation fuels business by securing the right to supply aviation fuel to Etihad Airways for flights fueled in Cairo. The partnership is also developing the necessary infrastructure and logistical framework to launch the ADNOC Voyager range of premium and OEM-approved automotive vehicle lubricants.
Commenting on the Company's plans concerning electric vehicles, Lamki pointed out that in January this year, it had announced a partnership with Abu Dhabi National Energy Company (TAQA) to launch 'E2GO', which will build and operate electric vehicle (EV) infrastructure in Abu Dhabi and the wider UAE. The partnership will include a network of fast chargers at key locations, featuring associated solutions such as parking and tolling services, in addition to related digital platforms to facilitate EV charging.
"We aim to repeat this experience in the Egyptian market…," he said but didn't elaborate.
ADNOC Distribution's Egypt expansion is the latest achievement in the Company's international growth, which started with expansion into Saudi Arabia in 2018.
(1 US Dollar = 30.79 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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