Saudi Arabia Fuel Station Market – Growth, Trends, COVID-19 Impact,

As of 2020, the Kingdom of Saudi Arabia (KSA) held the second-largest proven oil reserve in the world, after Venezuela. Saudi Arabia was the largest crude oil producer in 2020. The country produced 456 thousand barrels per day of motor gasoline in 2020, and by 2026, it is expected to produce 543 thousand barrels per day of motor gasoline.

New York, Oct. 28, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Saudi Arabia Fuel Station Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” – https://www.reportlinker.com/p06074764/?utm_source=GNW
The oil and gas market of the country was hit hard due to outbreak of COVID-19, following demand decline and oil price fall. Moreover, in order to provide impetus to the country’s economy, the economic diversification of Saudi Arabia, which primarily remains dependent on crude oil supply, has become imperative. The Government of Saudi Arabia focused on the development of the downstream sector, with an aim to diversify the country’s economy.

Key Highlights
Factors, such as expansion of existing fuel station infrastructure and increasing investment in the sector by both, the national firms and foreign players, are expected to drive the fuel station market in the country during the forecast period.
As of 2020 budget, the Saudi government is planning to invest heavily more in the construction business, which includes new cities, shopping complex, etc. The new construction will not only boom the real state business, but it will also increase the need for a new fuel station in the constructed areas.? Thus, this is expecetd to provide great opportunity for the market.
However, factors, such as increasing adoption of electric vehicles, and lack of government surveillance and regulations to oversee the fuel station industry, are expected to hinder the growth of the fuel station market in Saudi Arabia, in the coming years.

Key Market Trends

Increasing Investment for Infrastructure Development ?to Drive the Market

Saudi Arabia government is looking forward to find suitable solution to growing fuel demand due to the increasing quantity of on road vehicle. The government is looking for investment in the fuel infrastructure and establish fuel station to provide a last mile connectivity, especially for the rural parts of the country.?
A huge number of foreign companies have shown interest to invest in the fuel stations across the country which in turn is likely to drive the fuel station market.?
In, Feb 2019, Saudi Aramco and Total formed a Joint Venture(JV) to develop a network of fuel and retail services in Saudi Arabia. The JV formed has a 50-50 stake of both the companies and has planned to invest around USD 1 billion till 2025 in the Saudi fuel retail market.
Additionally, Emirates National Oil Company (ENOC) , a wholly-owned entity of the Government of Dubai announced it plans to invest close to AED 2.2 billion to increase its service station network by more than…