Emirates National Oil Company (ENOC) announced on 30 September the formation of a joint venture with Dubai’s Tristar Transport to provide logistics for the Saudi petroleum and chemicals sectors. The JV will be based in Jubail with initial capital of SR30mn ($8mn). ENOC-Tristar will begin with a small fleet of road tankers, expanding to 500 vehicles by 2017. It will also operate petroleum and chemicals storage facilities.
Burhan al-Hashimi, head of ENOC Retail, said: “ENOC has built strong industry partnerships in Saudi Arabia and the new joint venture with Tristar will further enable us to expand the range of services we offer. According to estimates, the contract logistics sector is set to grow by an average 7% a year in the Middle East through 2015, with the highest growth in Saudi Arabia and the UAE.” (CONTINUED - 277 WORDS)