Qalaa Holdings has announced the establishment of a new joint venture between its subsidiary TAQA Arabia and BP subsidiary Castrol with EGP 20 million capital, Egypt Oil & Gas reported.

TAQA currently has exclusive distribution rights for Castrol products in Egypt. However, the joint venture, Castrol Egypt Oil, will now become the sole distributor covering both commercial and passenger vehicles markets.

Qalaa stated that TAQA owns 49% of the new company, yet further details about the size of the manufacturing outfit and potential investment value have not yet been announced.