Saudi Aramco announces creation of Saudi Aramco Retail Company (RetailCo) to engage in the direct-to-consumer segment of the downstream business
Saudi Aramco today announced the creation of the Saudi Aramco Retail Company (RetailCo), a wholly-owned subsidiary established to cater for fuel retailing, creating a sustainable and profitable business that integrates across the hydrocarbon value chain.
The company is chartered with owning Saudi Aramco’s fuel retailing, delivering Saudi Aramco brand positioning, innovating retail experience for fuel and associated non-fuel activities and creating an agile business unit that can adapt to retail market’s changing dynamics.
“Integrating fully across the hydrocarbon value chain is key to capturing maximum value from our resources. We are very excited with the establishment of RetailCo. It will leverage synergies in our business model and position us to actively participate in the customer-facing segment of the downstream value chain,” said Abdulaziz Al-Judaimi, Saudi Aramco Senior Vice President of Downstream.
RetailCo’s core business and operations will take a phased approach to expand its network of domestic fuel retail stations to cover the Kingdom.
Al-Judaimi added: “By instituting a customer focus culture, combined with premium fuels and services, RetailCo will strive to exceed its customer’s expectations, thereby ensuring its business is sustainable for the long-term. Kingdom consumers will experience the hallmarks of Saudi Aramco’s brand essence which promises quality, reliability and safety, ensuring a vibrant and enriching stopover experience at our network of fuel retail stations. This will uplift the sector standards and provide an enhanced customer experience that will add to ‘Quality of Life’ programs in line with Vision 2030,” he said.
Today’s announcement marks the commencement of a series of initiatives and transactions in RetailCo’s journey to become a full-fledged downstream retail entity of Saudi Aramco.