Saudi Arabian Refineries Company (SARCO) officially announced the completion of the procedures for establishing a new investment and operational arm, by issuing the articles of incorporation and commercial registration for its wholly-owned subsidiary, in a move aimed at strengthening its presence in the logistics and petroleum services sector.
New company details
In an official statement published on the Saudi Stock Exchange (Tadawul) website, the company clarified that the new entity is named "Refineries Storage Services," a limited liability company (single-person company) wholly owned by Saudi Arabian Refineries Company. The company's commercial registration number is 7053396540, and its headquarters are located in the city of Bish.
Areas of work and activities
According to the statement, the new company's activity is concentrated in vital sectors including:
- Pipeline transportation activities.
- Maritime and coastal water transport of goods.
- Storage and handling services.
The company confirmed that the actual commencement of services will be as soon as all administrative and technical requirements are completed and final licenses are obtained from the relevant authorities.
Strategic importance and geographical location
The selection of Bish as the headquarters for the new company is a well-considered strategic move, as the city is located in the Jazan region, home to the Jazan City for Basic and Downstream Industries. This region is a vital industrial and logistical hub on the Red Sea coast, giving the new company a competitive advantage in maritime and coastal transport operations and facilitating logistical connectivity between energy sources and target markets.
Keeping pace with the Kingdom's Vision 2030
This expansion aligns with the objectives of Saudi Vision 2030, specifically the National Industrial Development and Logistics Program (NIDLP), which aims to transform the Kingdom into a leading industrial power and a global logistics hub. By investing in transportation and storage infrastructure, Al Masafi contributes to strengthening local supply chains and enhancing the efficiency of the maritime and land pipeline transport sector, reflecting a focus on maximizing shareholder returns and diversifying the parent company's revenue streams.
About the refinery company
It is worth noting that Saudi Arabian Refineries Company (SARC) is a long-established company listed on the Saudi Stock Exchange, primarily investing its capital in petroleum projects and industrial companies. The establishment of this new operating entity represents a significant shift from a purely investment-oriented role to direct participation in operational and logistical activities, which will enhance the company's assets and market position in the near future.
