New Delhi [India], September 18: Petromin Corporation KSA announced that it will be investing USD 700 million in partnership with Hindustan Petroleum Corporation Limited (HPCL) in three strategic areas. The announcement was made at the India Invest Forum organized with Saudi Arabia’s Ministry of Investment at the G20 Summit, New Delhi.
* Petromin Express India, a subsidiary of Petromin Corporation, KSA will be partnering with HPCL invest around USD 100 million to set up around 1,000 vehicle service centres at HPCL retail outlets in India.
* Petromin Corporation and Hindustan Petroleum Corporation Limited (HPCL) have signed an 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 Hindustan Petroleum Corporation Limited (HPCL) have signed a 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, KSA today announced 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 Hindustan Petroleum Corporation over the next 5 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 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 the leading Saudi mobility solutions player in automotive technology, multi-modal mobility, and sustainable transportation segment, with an unmatched reputation for the highest quality products and services in the industry today.
Operating in the Kingdom of Saudi Arabia, since 1968, it started building its reputation for producing the highest quality lubricants in the region which grew overtime into a large mobility solutions provider to cover the entire automotive journey of the customer. With more than 6000 employees, 700 service centers across GCC, Petromin exports its products to over 40 countries in the GCC, Middle East, Africa, and Asia, with fast and reliable vehicle maintenance services backed by an extensive network of service centers that provide unparalleled coverage across the region.