Indian Oil to open retail outlets in Saudi Arabia in JV with Al Jeri
To mark a retail presence in West Asia, Indian Oil Corporation (IOC) is expected to start its first retail outlet in Saudi Arabia within six months by setting up an equal joint venture company with Riyadh-based Al Jeri Group.
Based on the plans lined up by both companies, at least 200 retail outlets will be set up initially in Saudi Arabia. IOC’s foray will be significant at a time when Saudi’s national oil company Saudi Aramco is looking to enter into the Indian downstream market through a tie-up with Mukesh Ambani-led Reliance Industries.
During Prime Minister Narendra Modi’s recent visit to Saudi Arabia, an agreement was signed between IOC’s West Asian unit and the Al Jeri group, a local company that specialises in transport and delivery of bulk petroleum products as well as other bulk transports.
