Adnoc Distribution, the United Arab Emirates' (UAE) leading fuel distributor, is actively seeking overseas acquisitions in its fuel retail and lubricants businesses. The company has $200m to spend, and is in discussions with partners to enter the competitive Saudi market. In a statement, Adnoc said it was "pleased that we have been able to secure this significant investment from one of our key strategic partners". With the $200m we believe we can make the right acquisitions," said Adnoc deputy chief executive John Carey. In addition, Adnoc's Q3 capex fell 78%, due to the "abnormally high" capex of 2017.
Adnoc Distribution, the United Arab Emirates' (UAE) leading fuel distributor, is actively seeking overseas acquisitions in its fuel retail and lubricants businesses. The company has $200m to spend, and is in discussions with partners to enter the competitive Saudi market. In a statement, Adnoc said it was "pleased that we have been able to secure this significant investment from one of our key strategic partners". In addition, Adnoc's Q3 capex fell 78%, due to the "abnormally high" capex of 2017.