The United Arab Emirates’ Offsets Group aims to acquire some 10,000 petrol stations in Europe, the United States and Asia as part of a $12 billion plan to move into western oil and gas markets, a specialist newsletter reported yesterday.
“The UAE Offsets Group, through a UK-based venture called Summit Corporate Services Limited and in strategic partnership with an energy company or companies, is planning to acquire some 10,000 petrol stations, initially in Europe and later in the United States and Asia,” the Middle East Economic Survey (MEES) said.
“The launch of Summit, which is expected to develop over a period of many years at an estimated cost of more than $12 billion, marks the first stage of a campaign in which the UAE plans to develop an integrated oil and gas presence in western markets,” MEES said.
“The possibility of Summit acquiring an interest in oil refining in Europe is also under discussion,” the Cyprus-based newsletter said.
MEES said “Summit” had secured initial agreements with a blue-chip energy partner or partners, and cited government sources as saying the group will act as project advisor, while the strategic partners will be the operators.
The first step in Summit’s strategy is “to acquire a controlling interest in an integrated oil and gas company operating principally in Europe.”
This would be followed by the introduction of a “purchase/leaseback scheme for gas
station forecourts as part of a program with several stages, eventually reaching a total of some 10,000,” MEES said.
The Abu Dhabi-based Offsets Group is a governmental body that oversees economic growth. – AFP
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