Adnoc and Saudi’s Al Olaibi Co. ink agreement

The retail arm of Abu Dhabi National Oil Co., Adnoc Distribution, and Saudi Arabia-based Al Olaibi Company, signed an agreement which will allow Adnoc to provide consultancy services in the management and operation of petrol stations in Saudi Arabia. Under the terms of the agreement, Adnoc will provide Al Olaibi the technical guidance in the construction and operation of its petrol stations in Saudi Arabia. The deal is a step forward toward the setting up of a franchise system for Al Olaibi. Adnoc said the agreement is in line with Al Olaibi’s plan to broaden the process of development and function of its UAE-based service stations. (August 3, 2012)