Riyadh – Mubasher: The Saudi Arabian Oil Co, known globally as Saudi Aramco, on Thursday has signed a contract with French energy major Total to establish a joint venture (JV) with total investments of $1 billion.

The 50:50 JV will focus on enhancing retail fuel stations over the kingdom in the next six months, Aramco said in a statement.

“With this new business, we aim to enhance the quality of services, as well as create jobs and additional investment opportunities in the Kingdom…This project is designed to also help optimise the total value of our hydrocarbon resources,” Aramco’s senior vice president of downstream and the JV’s chairman Abdulaziz Al-Judaimi said.

This project copes with Total’s expansion plans, which involve injecting major investments in the fast-growing countries, Momar Nguer, president of Marketing and Services in Total stated.

On the sidelines of signing the JV’s deal, the Saudi and French firms inked a contract with Tas’helat Marketing Company (TMC) and Sahel Transport Company (STC) owners to acquire TMC and STC and their 270 stations after obtaining regulatory approvals.

“This venture will strive to exceed customer’s expectations. We aspire to become the retailer of choice in Saudi Arabia, providing customers with a unique experience and premium offerings,” the chairman of Aramco RetailCo. Ahmed Al-Subaey concluded.