TAQA Arabia signed an agreement with the military-affiliated National Service Projects Organization (NSPO) 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.

“This strategic partnership represents a major and important milestone within our strategy to expand in Egypt’s petroleum products distribution and marketing sector, “Pakinam Kafafi, TAQA Arabia’s CEO, said in exclusive statements to Egypt Oil & Gas.

In addition to Abu Bakr and Kafafi, the agreement was signed by Magdy Anwar, Director General of NSPO, in the presence of Prime Minister Mostafa Madbouly.

Following the signing, Madbouly emphasized that this strategic partnership—covering the acquisition, management, operation, and development of the Wataniya network under Quick Fuel—fits within the government’s ongoing privatization program and aligns with the State Ownership Policy Document. He stressed that the initiative reflects Egypt’s commitment to strengthening the role of the private sector as a key partner in economic development.

“In line with the state’s vision to enhance the role of the private sector as a key partner in economic development, we are fueled by enthusiasm to begin this new phase and achieve unprecedented ambitions together”, noted Kafafi.

The Sovereign Fund of Egypt acted as advisor on the transaction, alongside a consortium of financial, legal, and accounting advisors.

Based in Cairo and with more than 25 years of experience, TAQA Arabia invests in, develops, constructs, and operates energy infrastructure projects spanning natural gas transmission and distribution, conventional and renewable power generation and distribution, and the marketing of petroleum products and lubricants through its nationwide network of fuel stations.