TAQA Arabia Group, the leading power distribution and integrated services company in Egypt, announced its acquisition of the liquefied natural gas (LNG) arm of Rosetta Energy, to expand its business in Egypt, Africa, and the Middle East.
Rosetta Energy is an energy developer and operator and one of the companies specialized in developing LNG projects to supply industrial customers as well as commercial and residential units outside the scope of the national gas network with clean energy at competitive prices.
Through this acquisition, Rosetta Energy will be the operating arm of TAQA Arabia to develop various projects.
Rosetta’s business scope includes building and operating small and medium-sized gas liquefaction facilities, developing innovative solutions for marine and land transportation, and deploying regasification units on land and at sea.
“This acquisition supports TAQA Arabia’s strategy to diversify the scope of its energy transmission and distribution services to best meet the growing needs of its customers. This goes along with TAQA’s other strategy and the Egyptian government’s plan to increase and expand the use of natural gas in Egypt. This step will also reinforce expanding TAQA’s business not only in Egypt but in various countries of the African continent, where we are expanding our business significantly to repeat our success stories,” Pakinam Kafafi TAQA Arabia’s CEO, commented.
“We are very pleased to partner with TAQA Arabia that would allow Rosetta to accelerate its energy transition business in emerging markets,” Karim Shaaban, Rosetta Energy’s CEO, noted.