Petroleum retailer Emarat has signed a joint venture agreement with Egypt’s Middle East Oil Tankage & Pipelines Company (MIDTAP) and MIDOR to set up Emarat Misr. In the first stage, the new company will set up a network of at least 35 service stations across Egypt by 2007.
Emarat will own 50 percent of Emarat Misr with MIDTAP and MIDOR owning 48 percent and two percent respectively. Through this joint venture, Emarat becomes the first United Arab Emirates (UAE) retailer to set up a full-fledged service station network outside the country.
Backed by an investment of 100 million Egyptian pounds ($17 million), Emarat Misr is will also provide customers with a number of additional facilities and services including a supermarket, automatic and manual car wash, lube express, range of auto care services and ATM.
Established in 1981, Emarat assumed the role of marketer and distributor of petroleum products in the United Arab Emirates (UAE). It was the first petroleum-retailer in the Middle East to introduce unleaded petrol in 1992 under the brand name of ULTIMA. — (menareport.com)
© 2003 Mena Report (www.menareport.com )