New Delhi: Jeddah-based Petromin Corporation KSA has announced that it will be investing USD 700 million in partnership with Hindustan Petroleum Corporation Limited (HPCL) in three strategic areas, prominent among which would be a USD 500 million investment to form a JV to operate 500 fuel stations in Saudi Arabia, the Middle East and Africa. The announcement was made at the India Invest Forum organised with Saudi Arabia's Ministry of Investment at the G20 Summit, New Delhi, said Petromin in a statement on Monday.
Petromin Express India, a subsidiary of Petromin Corporation, KSA, will be partnering with HPCL to invest around USD 100 million to set up around 1,000 vehicle service centres at HPCL retail outlets in India. The two companies have also signed a Memorandum of Understanding (MoU) to invest around USD 100 million with the goal of installing and operating up to 5,000 Electric Vehicle charging units at HPCL-operated stations throughout India. These charging stations will offer both high-speed DC chargers and AC chargers as well.
Petromin and HPCL have signed another MoU to invest around USD 500 million with the goal of operating up to 500 fuel stations in KSA, Middle East and Africa. A joint venture as per the local laws and regulations will be formed.
Petromin Corporation has also announced on Monday a major investment of USD 700 million into fuel stations, multi-brand vehicle service workshops and EV charging stations. The investment will be made in partnership with HPCL over the next five years. At the recently concluded India-Saudi Arabia Investment Summit, three definitive agreements were signed between the Petromin Corporation team led by Samir Nawar, Managing Director, Petromin Corporation, KSA and Kalyana Sivagnanam, Group CEO, and the HPCL team led by Sandeep Maheshwari, Executive Director Retail and Amit Garg, Director (Marketing).
Kalyana Sivagnanam, Group CEO, Petromin Corporation, said, "Petromin Corporation is delighted to partner with HPCL to invest in setting up Fuel Stations, EV Charging, and Petromin Express Workshops, EV Charging Stations in India and Fuel Stations across Middle East and Africa. This will create new job opportunities, attract further investments, and facilitate the transfer of technology between Saudi Arabia and India."
Sanjay Nigam, CEO, Petromin India & SE Asia, remarked, "The announcement of Petromin's partnership with HPCL is a landmark moment to embark upon a game-changing vehicle maintenance network and EV charging network in India. Two strong brands coming together will build confidence in the minds of the customers."
Petromin is a Saudi-based mobility solutions player in automotive technology, multi-modal mobility, and sustainable transportation segment.