Aramco, Total form Saudi retail venture

Saudi Aramco and Total SA have signed an agreement to form a 50-50 joint venture that will invest $1 billion to develop a network of fuel and retail services in Saudi Arabia.

Total will be the first major international oil company to invest in the kingdom’s fuel retail network.

The companies also agreed to acquire Tas’helat Marketing Co. and Sahel Transport Co., owners of 270 service stations and a fuel tanker fleet.