General Motors names Saudi Petromin Corporation as new aftermarket wholesaler 

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Updated 11 January 2022
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General Motors names Saudi Petromin Corporation as new aftermarket wholesaler 

RIYADH: US automotive company General Motors has appointed the Saudi lubricants and automotive services company Petromin Corp. as a new wholesale distributor for ACDelco in the Kingdom.

ACDelco, a subsidiary of General Motors, is the region’s primary supplier of aftermarket products. Since 1998, it has produced and sold 50 million batteries in the region. 

The move comes as General Motors focuses on growing the independent aftermarket, or IAM, as part of its customer care and aftersales strategy, it said in a statement. 

“The partnership stems from our shared growth mindset, serving our aim to further develop the IAM business in KSA through a keen focus on non-GM maintenance parts and commodities,” director of customer care & aftersales at GM, Rohan Fernandes, said. 

“This new chapter will cement our presence in the independent aftermarket and allow us to continue to grow our business in KSA,” he added. 

Founded in 1968, Jeddah-based Petromin Corporation operates in lubricant oils, including manufacturing, industrial, and automotive oils and lubricants, car servicing, fuel retailing and car dealerships. 

It has been operating in Saudi Arabia for over 50 years and owns a market share of 40 percent across the Kingdom. 


No Saudi acquisition offers: FC Barcelona tells Al-Eqtisadiah

Updated 51 min 58 sec ago
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No Saudi acquisition offers: FC Barcelona tells Al-Eqtisadiah

CAIRO: FC Barcelona has not received any offers, whether from Saudi Arabia or elsewhere, to acquire the club, according to an official source who spoke to Al-Eqtisadiah.

According to the source, the circulating news regarding the possibility of finalizing a deal to acquire the club in the coming period is a mere rumor.

Recent Spanish reports had indicated the possibility of a Saudi acquisition of Barcelona shares for around €10 billion ($11.7 billion), a move considered capable of saving the club from its financial crises if it were to happen, especially as it suffers from debts estimated at around €2.5 billion.

Sale not in management’s hands

Joan Gaspart, the former president of the club, confirmed that the current board of directors, chaired by Joan Laporta, does not have the right to dispose of the club’s ownership.

He added: “FC Barcelona is owned by about 150,000 members, and selling the club is something the owners will not accept. FC Barcelona possesses something no other club in the world has; money is very important, and so is passion, but the sentiment of the members today is to continue what the club has been for 125 years.”

High market value

Despite the financial crisis the club has been going through in recent years, FC Barcelona ranks sixth on the list of the world’s highest market value clubs, with an estimated value of €1.12 billion, according to Transfermarkt. Meanwhile, its rival Real Madrid tops the list with a market value of €1.38 billion.