ADNOC Distribution to launch first flagship service station in Egypt
Abu Dhabi: Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) is set to open its first flagship service station in Egypt during 2025, according to a press release.
Located in New Cairo, the new station will feature an expanded ADNOC Oasis convenience store and offer a wide range of automotive services compared to the existing 11 ADNOC-branded stations operating in the country.
ADNOC Distribution and TotalEnergies Mark celebrated two years of TEME joint venture in Egypt on the sidelines of the Egypt Energy Show (EGYPES) event.
The joint venture (JV) is focused on expanding its presence in Egypt's aviation fuel market, anchoring the country's role as a transport and tourism hub in North Africa and beyond.
Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: ' The ongoing success of our TEME joint venture demonstrates the value of our international expansion strategy in driving value-accretive growth. Egypt, with its significant economic potential, is a key part of our growth journey.'
Thomas Strauss, Managing Director and Country Chair of TotalEnergies Marketing Egypt, said: "We recognise the immense potential of the Egyptian market and are committed to fostering sustainable growth."
In 2023, ADNOC Distribution acquired 50% of TotalEnergies Marketing Egypt (TEME), creating a JV that operates more than 240 fuel retail sites across Egypt.
The ADX-listed group recently unveiled robust performance in 2024 from higher operations in Saudi Arabia and Egypt, posting revenues valued at AED 35.45 billion.
Source: Mubasher
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
3 hours ago
- The National
Abu Dhabi's XRG targets LNG and gas capacity of up to 25m tonnes a year by 2035
Adnoc's global energy investment arm XRG aims to have a gas and LNG business with capacity of between 20 to 25 million tonnes per annum by 2035 as it looks to scale up its operations globally. XRG's board, which includes Adnoc group managing director and chief executive Dr Sultan Al Jaber, former BP chief executive Bernard Looney and Blackstone's Jon Gray, approved a five-year business plan for the company on Monday. 'XRG is investing in the energy systems of the future – more integrated, more resilient, and responsive to global demand,' Dr Al Jaber, who is also the executive chairman of XRG, said. 'We are scaling platforms in gas, chemicals and energy solutions to drive long-term value and ensure energy remains a catalyst for sustainable growth and development.' XRG was launched last year as an international lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion. In December, President Sheikh Mohamed endorsed the appointment of the board of directors for the new unit. Other members of the board include Mohamed Alsuwaidi, UAE Minister of Investment and managing director and chief executive of Abu Dhabi's holding company ADQ, and Nassef Sawiris, the executive chair of OCI Global. The board 'supported the assessment of potential upstream gas M&A and LNG opportunities to strengthen its North American gas position", the statement said. Last month, the UAE made an announcement to increase the value of its investments in the US energy sector to $440 billion by 2035, from the current $70 billion, during US President Donald Trump's visit to the Gulf countries. That is part of the UAE's plan to invest $1.4 trillion in the country. XRG bought a stake in NextDecade's Rio Grande liquefied natural gas export facility in Texas last year along with other acquisitions in Mozambique and Turkmenistan. The board also endorsed the 'company's ambition to create a top-three global chemicals platform", the statement said. 'Subject to respective regulatory approvals, the proposed formation of Borouge Group International and the proposed acquisition of Covestro anchors an industry-leading portfolio across polyolefins, performance materials, and future speciality segments.' In December, XRG announced the acquisition of the German chemicals company Covestro for an enterprise value of €14.7 billion ($15.3 billion). In March, Adnoc also agreed to terms of a binding agreement with Austria's OMV to merge their polyolefins business and create a $60 billion Borouge Group International. The board also directed XRG through its Energy Solutions platform to expand its investments across the energy value chain "while continuing to develop select opportunities in carbon capture and storage and low-carbon fuels such as biofuels and low-carbon hydrogen that align with attractive return profiles". That comes amid growth in AI-linked power demand, particularly in the US, the statement added.
The National
7 hours ago
- The National
Abu Dhabi's XRG targets LNG and gas capacity of up to 25m tonnes per annum by 2035
Adnoc's global energy investment arm XRG aims to have a gas and LNG business with capacity of between 20 to 25 million tonnes per annum by 2035 as it looks to scale up its operations globally. XRG's board, which includes Adnoc group managing director and chief executive Dr Sultan Al Jaber, former BP chief executive Bernard Looney and Blackstone's Jon Gray, approved a five-year business plan for the company on Monday. 'XRG is investing in the energy systems of the future – more integrated, more resilient, and responsive to global demand,' Dr Al Jaber, who is also the executive chairman of XRG, said. 'We are scaling platforms in gas, chemicals and energy solutions to drive long-term value and ensure energy remains a catalyst for sustainable growth and development.' XRG was launched last year as an international lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion. In December, President Sheikh Mohamed endorsed the appointment of the board of directors for the new unit. Other members of the board include Mohamed Alsuwaidi, UAE Minister of Investment and managing director and chief executive of Abu Dhabi's holding company ADQ, and Nassef Sawiris, the executive chair of OCI Global. The board 'supported the assessment of potential upstream gas M&A and LNG opportunities to strengthen its North American gas position", the statement said. Last month, the UAE made an announcement to increase the value of its investments in the US energy sector to $440 billion by 2035, from the current $70 billion, during US President Donald Trump's visit to the Gulf countries. That is part of the UAE's plan to invest $1.4 trillion in the country. XRG bought a stake in NextDecade's Rio Grande liquefied natural gas export facility in Texas last year along with other acquisitions in Mozambique and Turkmenistan. The board also endorsed the 'company's ambition to create a top-three global chemicals platform", the statement said. 'Subject to respective regulatory approvals, the proposed formation of Borouge Group International and the proposed acquisition of Covestro anchors an industry-leading portfolio across polyolefins, performance materials, and future speciality segments.' In December, XRG announced the acquisition of the German chemicals company Covestro for an enterprise value of €14.7 billion ($15.3 billion). In March, Adnoc also agreed to terms of a binding agreement with Austria's OMV to merge their polyolefins business and create a $60 billion Borouge Group International. The board also directed XRG through its Energy Solutions platform to expand its investments across the energy value chain "while continuing to develop select opportunities in carbon capture and storage and low-carbon fuels such as biofuels and low-carbon hydrogen that align with attractive return profiles". That comes amid growth in AI-linked power demand, particularly in the US, the statement added.
Zawya
8 hours ago
- Zawya
Armenia Stock Exchange goes live on Tabadul Platform
United Arab Emirates, Abu Dhabi, Abu Dhabi Securities Exchange (ADX) announced that The Armenia Stock Exchange (AMX) has officially gone live on the Tabadul platform, becoming the sixth market to join the region's first-of-its-kind mutual market access platform. Tabadul was launched by ADX in July 2022 as the region's first digital exchange operating on a mutual market access model. The platform creates a digital network of exchanges that allows investors to trade securities on international markets with remote access for brokerage firms partnering with the exchanges. Tabadul allows investors to access shares of companies in various sectors including banking, finance, energy and telecommunications. The first transaction via Tabadul between market participants from Armenia (Converse Bank, MetaX Investment Company) and Abu Dhabi (Al Ramz Capital) was successfully executed on May 30. Armenian investors now have direct access to securities listed on ADX, enabling two-way trading and strengthening strategic ties between the markets. The addition of AMX follows the launch of Kazakhstan Stock Exchange (KASE) on Tabadul in February 2025 and builds on the momentum of the recently signed agreement with the Iraqi Stock Exchange (ISX), which will integrate ISX into the platform in due course. To date, nine stock exchanges have signed agreements with Tabadul, with six having gone live. On this occasion, Abdulla Salem Alnuaimi, Group Chief Executive Officer of ADX said: 'We are pleased to welcome the Armenia Stock Exchange to the Tabadul platform. This expansion reflects our commitment to fostering capital market connectivity, enhancing regional liquidity, and supporting the UAE's vision for economic diversification and sustainable development. Tabadul offers access to over 490 listed companies and a combined investor base of more than 7.6 million. In 2024, trading value on Tabadul surged to approximately USD 200 million, a 317% year-on-year increase.' Tabadul enables seamless cross-exchange trading with settlement in local currencies, eliminating the need for dual listings or custodianship. Currently, the platform connects the financial markets of Abu Dhabi, Bahrain, Muscat, Astana, Kazakhstan, and now Armenia. The onboarding of AMX onto the Tabadul platform underscores ADX's ongoing efforts to deepen regional capital market integration and foster stronger financial cooperation. By enabling mutual market access, ADX is expanding investment opportunities, supporting innovation, and reinforcing Abu Dhabi's position as a dynamic and globally connected financial hub. This step reflects ADX's continued commitment to enhancing market liquidity, attracting foreign capital, and advancing the UAE's broader vision for economic diversification and sustainable development. About Abu Dhabi Securities Exchange Abu Dhabi Securities Exchange (ADX) was established on November 15, 2000, by Local Law No. (3) Of 2000, the provisions of which vest the market with a legal entity of autonomous status, independent finance and management. The Law also provides ADX with the necessary supervisory and executive powers to exercise its functions. On March 17, 2020, ADX was converted from a "Public Entity" to a "Public Joint Stock Company PJSC" pursuant to law No. (8) of 2020. ADX is part of ADQ, one of the region's largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi's diversified economy. ADX is a market for trading securities; including shares issued by public joint stock companies, bonds issued by governments or corporations, exchange traded funds, and any other financial instruments approved by the UAE Securities and Commodities Authority (SCA). ADX is the second largest market in the Arab region and its strategy of providing stable financial performance with diversified sources of incomes is aligned with the guiding principles of the UAE "Towards the next 50" agenda. The national plan charts out the UAE's strategic development scheme which aims to build a sustainable, diversified and high value-added economy that positively contributes to transition to a new global sustainable development paradigm.
