ADNOC launches fuel retail business in Egypt
ABU DHABI, September 27, 2023 – ADNOC has entered Egypt’s fuel retail market with the inauguration of three petrol service stations in Greater Cairo, the company announced on Saturday.
The move follows ADNOC acquiring a 50% stake in TotalEnergies Marketing Egypt for around USD 200 million in July 2022.
UAE’s largest fuel and convenience retailer ADNOC Distribution also opened its ADNOC Oasis convenience stores.
“Today marks an important milestone in our international expansion journey as we launch ADNOC service stations in Egypt, positioning us as a leading regional provider of mobility solutions,” said Bader Saeed Al Lamki, CEO of ADNOC Distribution.
At the inauguration, Egypt’s Minister of Petroleum and Mineral Resources Tarek El Molla announced a rise in targeted investment in the oil and gas sector in 2023 from between USD 7.7 million and USD 8 billion to between USD 8.5 billion and USD 9 billion.