The Abu Dhabi oil company (Adnoc) plans to foray into the Indian lubricant market as it looks to expand its presence across Asia and the world, media reports said. It is reported that the company and its partners are in talks for the new development.
Adnoc, told the media, “We are progressing well on our international expansion strategy. We are in advanced discussions with several counterparties including landlords and retail fuel operators in Saudi Arabia to grow organically, as well as continue to explore inorganic growth opportunities. We see the Saudi Arabian fuel market as large and fragmented with underdeveloped customer offerings.”
Apart from the India development, the company also plans to foray into Saudi Arabia’s untapped market by launching fuel stations. As of June, Adnoc has 406 retail fuel stations under its entity and 13 separate fuel stations in Dubai alone. In the first quarter, the company launched 25 new stations across the country followed by a launch of another 18 stations.
The company has rolled out a new mobile fuel delivery service for its exclusive retail customers across Abu Dhabi. With the new service, customers can avail fuel delivery at no extra cost.
Adnoc’s net profits slumped 22.4 percent to Dh 910 million in the first quarter due to low sales caused by Covid-19 pandemic. Furthermore, the company’s revenue also slumped by 22.6 percent to Dh 7.9 million during the period.
The company’s capital expenditure also rose to Dh 384 million in the first quarter as compared to Dh 138 million in last year.