Saudi Petromin plans investing $28mn in Egyptian automotive services market

Saudi leading lubricants and automotive services company in Africa and Middle East Petromin Corporation (Petromin) targets investing 250 million Egyptian pounds (US$28 million) in the Egyptian market within the coming period.

The new investments would be dedicated to expand company’s oil lubricants and car servicing (Petromin Express) network, Petromin announced Tuesday in a statement, expecting those investments to create 1,000 new job opportunities in Egypt by 2020.

According to the statement, Petromin succeeded to add 18 new oil lubricants during the last 18 month through which it provided more 150 million litres of fuel.

The Saudi company plans to expand its network to include 100 stations by 2020 to service for more than 1.5 clients annually, the statement said.