April 25, 2018 / 7:33 AM / 3 months ago

Total interested in exploring Saudi petrol station market with Aramco

PARIS/RIYADH (Reuters) - French oil and gas major Total (TOTF.PA) said on Wednesday it was interested in Saudi Arabia’s petrol station market and had signed a memorandum of understanding (MoU) with state energy giant Saudi Aramco to look at options.

The logo of French oil giant Total is pictured at its first gas station in Mexico City, Mexico January 25, 2018. REUTERS/Daniel Becerril

The MoU was signed on April 10 during a visit by Saudi Crown Prince Mohammed bin Salman to Paris, a spokesman said, a trip that saw the signing of preliminary agreements with French companies including Total worth about $12 billion.

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed

The spokesman declined to give further details.

Total and Aramco are considering the joint acquisition of petrol station operators in Saudi Arabia, two sources familiar with the matter told Reuters.

One of the sources said a deal worth between 2 billion and 3 billion riyal (573.4 million pounds) was being discussed.

Aramco did not immediately respond to a Reuters request for comment.

Abu Dhabi National Oil Co acquired a licence this week to operate petrol stations in Saudi Arabia, the company’s retail fuel unit said.

Dubai’s Emirates National Oil Co also operates petrol stations in Saudi Arabia.

Reporting by Bate Felix and Rania El Gamal; additional reporting by Alexander Cornwell; Editing by Dale Hudson

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