Adnoc Distribution, UAE's biggest fuel distributor, said on Sunday it has secured a trade licence to operate in Saudi Arabia, its first foray outside the home market as the kingdom's planned phasing out of fuel subsidies attracts retailers.
The retail brand of state-owned Abu Dhabi National Oil Company was "committed to opening one service station in Saudi Arabia in 2018," it said in a statement.
Adnoc floated its fuel retail business in December on the Abu Dhabi Securities Exchange as it looked to build a leaner business model. Adnoc Distribution, which has also targetted Dubai for expansion, grew its net profit 6.8 per cent year-on-year in the fourth quarter on the back of higher oil prices and an increase in fuel sales. The company holds around 67 per cent of the UAE market share by number of retail fuel service stations.
Saudi Arabia's municipal and rural affairs ministry, which regulates the kingdom's fuel stations, issued the award in Riyadh. The kingdom said in its budget for 2018 in December that it would raise domestic prices for gasoline and jet fuel in this year as it looks to phase out subsidies completely by 2025.
The move has opened doors for private players such as Adnoc Distribution to enter the fray with more competitive fuel offerings.
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Read More:
Adnoc Distribution to expand into Dubai and Saudi Arabia in 2018
Adnoc Distribution fourth-quarter profit rises 6.8% on higher oil prices
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Adnoc Distribution, which holds a virtual monopoly in Sharjah and Abu Dhabi, has been targetting growing its footprint, with rollout of at least 13 new fuel stations this year, besides an expansion of three existing facilities.
The fuel retailer currently operates 360 service stations and 235 Oasis convenience stores, making it the biggest operator in the segment. The company also leases retail and other space at its service stations to tenants that include fast food chains such as McDonald’s, Burger King and KFC.
The distributor announced a tie-up in March with food retail group Urban Foods to open Géant-branded stores at a number of its service stations.
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Total eligible population
About 57.5 million people
51.1 million received a jab
6.4 million have not
Where are the unvaccinated?
England 11%
Scotland 9%
Wales 10%
Northern Ireland 14%
Company%20profile
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
FROM%20THE%20ASHES
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Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
Company%20Profile
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