ADNOC Distribution, the retail arm of the state oil company ADNOC has signed two agreements to sell its Voyager branded engine oil and lubricant products in Ethiopia and Yemen.
The new supply agreements were done with Ethiopia’s Kinsi General Trading Company and Yemen’s Myco General Trading Company, expanding ADNOC Distribution's international markets, ADNOC said in a statement.
"With a combined population of approximately 130 million people, Ethiopia and Yemen offer markets that represent a highly compelling opportunity for ADNOC Distribution to boost sales and further diversify our business in new international markets,” said Saeed Mubarak Al Rashdi, acting CEO of ADNOC Distribution.
ADNOC Distribution is the sole retail fuel operator in Abu Dhabi and Sharjah.
The new supply agreements in Ethiopia and Yemen build on ADNOC Distribution’s existing international distribution agreements with Oman Marketing and Service Co (OMASCO) in Oman and Arabian Parts Company in Bahrain, among others.
Al Rashdi said, “ADNOC Distribution has ambitious plans to boost our growth over the coming years, including outside the UAE. We are the leading marketer and distributor of fuels to retail, commercial and government customers throughout the UAE. Building on our already strong market position, we are committed, in line with the ADNOC Group’s 2030 strategy, to finding new and innovative ways to grow. These latest agreements to supply Voyager to Ethiopia and Yemen are just the start of more growth initiatives that we expect to announce across our business units in the coming months.”
Under the terms of the latest Voyager agreements, ADNOC Distribution’s engine oil and lubricant plant in Sas Al Nakhl and its oil depots in Musaffah will supply high quality engine oil and lubricant to Myco General Trading for marketing in Yemen and to the Kinsi General Trading Company for distribution in Ethiopia.