Egypt’s Prime Minister Oversees Transfer Agreement for ‘Watania’ Fuel Stations

Signing Ceremony.

Dr. Mostafa Madbouly, Egypt’s Prime Minister, witnessed the signing of an agreement today at the government headquarters in the new administrative capital. This agreement, made between the National Service Projects Organization and TAQA Arabia, a publicly traded company on the Egyptian Stock Exchange, involves the transfer of ownership of a stake in 172 fuel stations owned by the organization, operating under the “Watania” brand.

This move follows a period of comprehensive restructuring and reorganization of the stations to prepare them for a new operational phase and expansion in partnership with the private sector. The new company, named “Quick Fuel” for trading and distributing petroleum products, will manage these stations.

Attending the signing were Dr. Mohamed Fared Saleh, Minister of Investment and Foreign Trade and Chairman of the Sovereign Fund of Egypt; Major General Khaled Abdullah, Head of Financial Affairs for the Armed Forces; Major General Ayman Matar, Deputy Head of Financial Affairs for the Armed Forces; Major General Khaled Hamdi, Assistant Head of Financial Affairs for the Armed Forces; Major General Yasser Wadi, Chairman of the National Petroleum Company; and Noha Khalil, Executive Director of the Sovereign Fund of Egypt. The agreement was signed by Major General Magdy Anwar, Director General of the National Service Projects Organization, along with TAQA Arabia’s Chairman Eng. Khaled Abu Bakar and CEO Bakinam Kafafi.

After the signing, Prime Minister Madbouly emphasized that this strategic partnership between the National Service Projects Organization and TAQA Arabia to acquire a stake in “Watania” stations is part of ongoing efforts to implement governmental offering programs. This aligns with state ownership policy documents and aims to enhance private sector participation in various economic activities. He noted that this reflects Egypt’s commitment to strengthening the role of private entities as key partners in economic development across multiple sectors.

Minister Fared Saleh stated that this agreement aligns with the Egyptian government’s vision to enhance private sector involvement in economic activities, which will improve governance efficiency and financial performance indicators for state-owned assets.

He added that this step is consistent with activating provisions within state ownership policy documents. The Egyptian government is serious about implementing governmental offering programs and expanding ownership bases for state-owned enterprises as part of a broader vision aimed at achieving economic growth driven by private sector investment within an encouraging business environment.

Major General Magdy Anwar indicated that under this agreement, TAQA Arabia will acquire a 10% stake in Quick Fuel and sign a management and operational agreement for overseeing operations while enhancing service quality and expanding geographic coverage throughout Egypt. Additionally, there is an option to acquire an additional 15% stake when it is offered on the Egyptian stock market in line with state strategy aimed at broadening ownership bases and attracting further investments into Egypt’s financial markets.

Eng. Khaled Abu Bakar remarked that this agreement represents a significant shift in cooperation strategy between state entities and private sectors not only concerning management but also regarding ownership transfer and restructuring in preparation for stock market listing.

Bakinam Kafafi confirmed that this initiative is a pivotal moment in TAQA Arabia’s strategy to expand its operations within Egypt’s petroleum distribution sector. Managing 172 “Watania” fuel stations under Quick Fuel will allow her company to broaden its service offerings while leveraging its extensive industry experience to enhance performance quality.

The signing ceremony underscores the advisory role played by Egypt’s Sovereign Fund in managing this transaction towards successful completion. The advisory team for the National Service Projects Organization includes CI Capital as exclusive financial advisor for securities underwriting promotion; Ragy Suleiman & Partners – Adsiro as legal advisor; Grant Thornton – Saleh & Barsoum & Abdel Aziz as accounting and tax advisors; while Zohair & Partners served as legal advisors for TAQA Arabia.