In Egypt, TAQA Arabia signed an agreement with the military-affiliated National Service Projects Organization to acquire a stake in 172 fuel stations operated under the “Wataniya” brand, according to a cabinet statement.
The deal will take place through transferring the ownership of the stations to a newly established company, Quick Fuel for Petroleum Products Trading and Distribution, in which TAQA Arabia will acquire a 10% stake with an option to purchase an additional 15% once the company is listed on the Egyptian Stock Exchange.
The agreement follows a comprehensive restructuring of the stations aimed at preparing them for expanded operations in partnership with the private sector.
Beyond the initial acquisition, TAQA Arabia will assume the full management, operation, and development of Wataniya’s extensive network, noted a statement by the company.
“This partnership embodies Egypt’s vision of a private sector-led economy. We are proud to be a trusted partner of the state in unlocking the value of national assets and preparing them for the capital market.” Khaled Abu Bakr, Chairman of TAQA Arabia, told Egypt Oil & Gas.
Wataniya controls 296 fuel stations nationwide, granting it a 7.3% share of Egypt’s fuel retail market. It was placed on the to-be privatised list in 2023, when the government announced that several military‑owned firms would be opened to private investors through the Sovereign Fund of Egypt. Since then, a handful of investors, including Taqa Arabia, the UK’s Shell and Abu Dhabi National Oil Company (ADNOC), have expressed interest in the company.
Full story TAQA Arabia Drives Forward with Game-Changing ‘Quick Fuel’ Partnership | Egypt Oil & Gas
Share this:
