Omani fuel marketing firm inks agreement in KSA
Published: 03:09 PM,Sep 11,2024 | EDITED : 07:09 PM,Sep 11,2024
The pact authorizes Scope Fuel Company to use the Al Maha Petroleum brand and trademark to manage and operate fuel filling stations across Saudi Arabia.
MUSCAT, SEPT 11
Al Maha Petroleum Products Marketing Company SAOG, a publicly traded fuel marketing company in the Sultanate of Oman, has announced a significant milestone in its international expansion. On September 10, 2024, the company signed a 20-year franchise agreement with Scope Fuel Company in the Kingdom of Saudi Arabia. This agreement authorizes Scope Fuel Company to use the Al Maha Petroleum brand and trademark to manage and operate fuel filling stations across Saudi Arabia. The partnership is expected to enhance Al Maha Petroleum’s sales and profit margins significantly, it said in a filing to the Financial Services Authority (FSA) on Wednesday.
Significantly, Al Maha is the second Omani fuel marketing company to expand its footprint beyond Oman’s borders. Oman Oil Marketing Company (OOMCO), another publicly traded company, recently announced the launch five new service stations in Saudi Arabia, including its first location in Al Riyadh, increasing its total to 35 stations in the country. OOMCO’s presence in Tanzania remains stable with 12 service stations.
Affirming its commitment to environmental sustainability, OOMCO is actively rolling out Vapour Recovery Units (VRUs) at its fuel stations in Oman. These units capture petrol vapour released during unloading and refueling, directing it back into underground storage tanks to reduce emissions. To date, 25 stations have been equipped with VRUs, leading to a reduction of 952 tonnes in emissions during H1 2024.
Al Maha Petroleum Products Marketing Company SAOG, a publicly traded fuel marketing company in the Sultanate of Oman, has announced a significant milestone in its international expansion. On September 10, 2024, the company signed a 20-year franchise agreement with Scope Fuel Company in the Kingdom of Saudi Arabia. This agreement authorizes Scope Fuel Company to use the Al Maha Petroleum brand and trademark to manage and operate fuel filling stations across Saudi Arabia. The partnership is expected to enhance Al Maha Petroleum’s sales and profit margins significantly, it said in a filing to the Financial Services Authority (FSA) on Wednesday.
Significantly, Al Maha is the second Omani fuel marketing company to expand its footprint beyond Oman’s borders. Oman Oil Marketing Company (OOMCO), another publicly traded company, recently announced the launch five new service stations in Saudi Arabia, including its first location in Al Riyadh, increasing its total to 35 stations in the country. OOMCO’s presence in Tanzania remains stable with 12 service stations.
Affirming its commitment to environmental sustainability, OOMCO is actively rolling out Vapour Recovery Units (VRUs) at its fuel stations in Oman. These units capture petrol vapour released during unloading and refueling, directing it back into underground storage tanks to reduce emissions. To date, 25 stations have been equipped with VRUs, leading to a reduction of 952 tonnes in emissions during H1 2024.