Agreement Signed to Transfer Stake in 172 Wataniya Fuel Stations to Taqa Arabia Through Quick Fuel

An agreement has been signed between the National Service Projects Organization and Taqa Arabia, a company listed on the Egyptian Exchange, to transfer ownership of a stake in 172 fuel stations owned by the organization. The move follows a comprehensive restructuring and reorganization process aimed at preparing the stations for a new phase of operations and expansion in partnership with the private sector.

Under the agreement, the transferred stake will be moved to the newly established company, Quick Fuel for Petroleum Products Trading and Distribution S.A.E., which will oversee the next stage of operating and managing the fuel station network.

Management, Operation and Development of the Network

The strategic partnership between the National Service Projects Organization and Taqa Arabia involves the acquisition of a stake in Wataniya fuel stations, in addition to the management, operation and development of the station network that will be transferred to Quick Fuel. The agreement comes as part of ongoing efforts to implement the government's state asset offering program.

Taqa Arabia to Acquire 10% Stake in Quick Fuel

Taqa Arabia will acquire a 10% stake in Quick Fuel and will sign a management and operation agreement for the company. Under this arrangement, it will oversee operational activities, supervise development plans, enhance operational efficiency, improve service quality, and support the geographic expansion of the fuel station network across Egypt.

Option to Increase Ownership in the Future

The agreement also grants Taqa Arabia the option to acquire an additional 15% stake in Quick Fuel in the future when the company is listed on the Egyptian Exchange.