Future Oil for Petroleum Services (the “Company”) was incorporated as a limited liability company in Saudi Arabia. The vision behind the setup of Future Oil was to establish a business of professionally building, managing and operating a branded chain of modern, retail petrol stations offering a host of ancillary retail services including convenience stores, fast food outlets, auto and manual car wash, oil change facility and tire shop (“Project”).  The vision behind the setup of the Company was to provide the inhabitants of the Kingdom with a brand new image and fresh feel of quality, service and convenience offerings in the local retail fuel sector.

The Company’s joint venture with Emirates National Oil Company (“ENOC”), a fully Dubai Government owned and managed organization, augments the vision, and provides the means to fulfil the Company’s commitment to the Saudi public, and the business plan, as well as the operational, managerial and technical expertise required to transform this vision into a reality  ENOC is a quoted company, wholly-owned by the Government of Dubai, and considered to be the leading force of economic diversification in the UAE. Globally, ENOC is an energy group, operating over 30 active subsidiaries and joint ventures, many forged with international blue chip organizations. ENOC has pioneered setup, and successfully operates an extensive network of a number of 162 convenience stations (similar to conceived for setup in the Kingdom) across Dubai and the Northern Emirates. The proposed setup in the Kingdom, is viewed as an extension of ENOC’s operations from the U.A.E.

The Company’s joint venture with Emirates National Oil Company (“ENOC”) has provided Future Oil the managerial, operational and technical expertise to transform this vision to reality.  Under the joint venture, the Company and ENOC have partnered to establish a Saudi limited liability company under the name ‘Saudi Emirates Fuel Company L.L.C.’ (“SEFCO”) that will undertake the proposed Project. The Company and ENOC (acting through one of its subsidiaries) shall be the exclusive investors in the SAR 400 million SEFCO – with the Company holding 75% of the equity, while ENOC the remainder. SEFCO will be a Future Oil subsidiary, having a majority representation on the Board of Directors of SEFCO. Also through its subsidiaries, ENOC shall under separate Management, Trademarks Licensing and Sub-licensing Agreements provide technical and managerial services to SEFCO.  The Company is positioned as an ‘Investment Vehicle’ which shall seek to raise further capital in the Kingdom through private placement. With consent from the stakeholders, the Company proposes to convert into a closed joint stock company at the closing of the private placement such that the new shares are issued in the ‘converted’ company.