Abu Dhabi’s ADNOC Distribution ‘to expand in Saudi Arabia’

ADNOC Distribution, the fuel distribution arm of the Abu Dhabi National Oil Company, is planning to expand its business in Saudi Arabia. (Reuters/File Photo)
Updated 13 May 2019
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Abu Dhabi’s ADNOC Distribution ‘to expand in Saudi Arabia’

  • Company’s board of directors decided to construct three more fuel stations in Saudi Arabia
  • Al-Rashdi said the company plans to expand its activities in Saudi Arabia to include fuel services, car washes and restaurants

LONDON: ADNOC Distribution, the fuel distribution arm of the Abu Dhabi National Oil Company, is planning to expand its business in Saudi Arabia, according to its acting CEO.
Saeed Mubarak Al-Rashdi said the company’s board of directors has decided to construct three more fuel stations in the Kingdom, according to UAE state news agency WAM.
The decision follows “the success of two stations launched earlier in 2018, which attained profits of over 30 percent.”
In a statement on the sidelines of the company’s “Capital Markets Days” in London and New York, Al-Rashdi said the company plans to expand its activities in Saudi Arabia to include fuel services, car washes and restaurants.
It also plans to increase the number of stations in Dubai over the next five years, by constructing a total of 75 new stations, Al-Rashdi added.
“We want to explore investment opportunities in new markets outside the UAE, to meet our minimum target of achieving a 15 percent profit margin from our investments,” Al-Rashdi said.


Paris Air Show: After Boeing showstopper, Airbus seeks order bounce

Updated 19 June 2019
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Paris Air Show: After Boeing showstopper, Airbus seeks order bounce

  • British Airways owner IAG signs letter of intent to buy 200 of its 737 MAX jets
  • Airbus is looking for up to 200 orders for the A321XLR, which is designed to open up new routes

PARIS: Airbus, reeling from the potential loss of a major customer for its best-selling A320neo as British Airways owner IAG placed a lifeline order for the grounded 737 MAX, prepared to hit back with more orders for its A321XLR on Wednesday.
The planemaker has been negotiating with US airlines investor Bill Franke whose Indigo Partners has also been known to place orders for multiple airlines within its portfolio and could reel it in for the Paris Air Show, industry sources said.
Airbus declined to comment.
After weathering intense scrutiny over safety and its public image, Boeing won a vote of confidence on Tuesday as IAG signed a letter of intent to buy 200 of its 737 MAX jets that have been grounded since March after two deadly crashes.
The surprise order lifted the energy of a previously subdued Paris Airshow, where the talk had been of the possible end of the aerospace cycle, given the issues at both Boeing and Airbus as well as geopolitical and trade tensions around the world.
Australia’s Qantas Airways said on Tuesday it would order 10 Airbus new A321XLR jets and convert a further 26 from existing orders already on the Airbus books.
Airbus is also in talks with leasing company GECAS and has been trying to secure an eye-catching order for the A321XLR from American Airlines, though the world’s largest carrier does not typically make announcements at air shows.
Airbus is looking for up to 200 orders for the A321XLR, which is designed to open up new routes.