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Wednesday, 25 April 2018

Aramco and France’s Total Looking at Buying Saudi Fuel Stations - Bloomberg

Aramco and France’s Total Looking at Buying Saudi Fuel Stations - Bloomberg:

"Saudi Arabian Oil Co. and Total SA are weighing jointly buying businesses such as Tas’helat Marketing Co. to gain access to networks of retail fuel stations in the Gulf kingdom, according to people with knowledge of the matter. The state-owned company, known as Aramco, and the French oil giant are also looking at a range of options from consolidating some service stations to potentially starting the business from scratch, the people said, asking not to be identified as the matter is private. French lender Credit Agricole SA and local investment bank Saudi Fransi Capital are advising the firms on their plans, which are still in the early stages, they said. No final decisions have been taken and the group may decide against acquiring Tas’helat, which operates fuel stations under the Sahel brand, or any other business, they said. Representatives for Total and Credit Agricole declined to comment. Spokesmen for Aramco and Saudi Fransi didn’t respond to requests for comment."



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