Egypt signs deal to transfer Wataniya fuel stations stake
Agreement with Taqa Arabia covers 172 sites and creation of Quick Fuel venture.
Egypt’s government signed an agreement to transfer a stake in 172 Wataniya fuel stations to Taqa Arabia, with operations to be managed through a newly established company, Quick Fuel. The deal, signed in Cairo and witnessed by Prime Minister Mostafa Madbouly, is part of the country’s state asset program to increase private sector participation in the economy.
The agreement involves the National Service Projects Organization (NSPO), which owns the Wataniya network, and Taqa Arabia, a publicly listed energy company. The selected stations have undergone restructuring to prepare them for expanded operations and potential future growth under private management.
Under the terms, Taqa Arabia will acquire a 10% stake in Quick Fuel and assume responsibility for managing and operating the network, including executing development plans and improving service quality. The company will also have the option to increase its shareholding by an additional 15% if the venture is later listed on the Egyptian Exchange.
CEO Pakinam Kafafi said managing the Wataniya stations under Quick Fuel will help expand service reach and leverage sector expertise. The transaction is also supported by Egypt’s sovereign wealth fund, which is advising on execution and structuring.
