Egypt is currently undertaking the restructuring of its Chill Out gas stations with the intention of selling them to the private sector. The announcement was made by Hala El-Said, the Minister of Planning and Economic Development, during an interview on Sunday.

This initiative is part of the country's IPO program, aimed at attracting private investment and stimulating economic growth.

El-Said revealed that the offering of Chill Out gas stations is expected to occur after the completion of a deal to sell state-owned petrochemical companies and Wataniya fuel stations. The minister disclosed this information while attending the 2023 United Nations Climate Change Conference (COP28) in Dubai.

While the government initially aimed to finalize the sale by December, El-Said acknowledged that the transaction will take a few more weeks to close. The reasons for the delay were not specified by the minister.

Wataniya Petroleum, one of the state-owned companies slated for sale, is among the 35 key entities that the Egyptian government plans to offer stakes to strategic investors by June 2024.

This initiative is in line with the State Ownership Policy Document, which outlines the government's efforts to resolve the ongoing currency crisis and fulfill the conditions of its $3 billion loan program with the International Monetary Fund (IMF).

Wataniya is wholly owned by the National Service Projects Agency of the Armed Forces, which also owns 20% of the shares of Taqa Arabia and is one of the companies interested in purchasing Wataniya.