UPDATE 1-Saudi Aramco creates fuel retail subsidiary | Reuters:
Saudi Aramco is establishing a domestic fuel retailing subsidiary as part of the national oil company’s drive to expand beyond crude oil production into downstream businesses.
The new firm, Saudi Aramco Retail Co, will create a network of filling stations within Saudi Arabia to sell automotive fuels, Aramco said on Wednesday, without giving details of the size, cost or time-frame for the network.
In April, Aramco said it had signed a memorandum of understanding with French firm Total to evaluate the feasibility of jointly buying a retail service station network in Saudi Arabia.
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