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Swicorp Acquires Stake in Petroser

RIYADH — Swicorp, a diversified financial services firm operating through extensive offices across the Middle East & North Africa, on Sunday announced a new partnership with Petroser.

Petroser is the leading privately held distributor of fuel and related products in Algeria.

Under the terms of the partnership, Intaj Capital, Swicorp’s $250 million private equity vehicle focusing on sectors driven by growth in consumer demand in the Middle East and North Africa region, has provided funding to allow Petroser to expand into two new lines of business.

Since its inception in 1999, Petroser has developed into the leading privately held distributor of fuel and related products, with a network of petrol stations, an extensive storage and logistics platform, and an exclusive licensing agreement with global energy group BP Plc, under which Petroser distributes BP lubricants throughout Algeria.

Looking ahead, Petroser’s ambitious plans include an investment in a new lubricant blending facility to manufacture lubricants under BP licence and an investment in a new bitumen storage and blending unit to manufacture bitumen derivatives.