Prime Minister Mostafa Madbouly witnessed the signing of an agreement between the National Service Projects Organization and Egypt-listed TAQA Arabia to transfer ownership of a stake in 172 fuel stations operating under the Wataniya brand to a new company named Quick Fuel for Petroleum Products Trading and Distribution.

The move follows the completion of a restructuring and reorganization program for the stations, aimed at preparing them for a new phase of operation and expansion in partnership with the private sector. This comes as part of Egypt’s state privatization program and the State Ownership Policy Document.

Under the agreement, TAQA Arabia will acquire a 10% stake in Quick Fuel, while also taking over the company’s management and operations under a management contract. This will allow TAQA Arabia to oversee operational activities, implement development plans, enhance performance efficiency, and improve the quality of services provided across the stations.

The agreement also grants TAQA Arabia a future option to acquire an additional 15% stake in Quick Fuel when the company is listed on the Egyptian Exchange, supporting plans to broaden the company’s ownership base and attract new investments to the capital market.

Madbouly said the agreement aims to develop, manage, and operate the Wataniya fuel station network that will be transferred to Quick Fuel. He added that the transaction reflects the state’s direction toward strengthening private sector participation across various economic activities and supporting the implementation of the government privatization program.

He noted that the partnership represents a model for cooperation between state institutions and the private sector, helping improve asset management efficiency and create added value for the Egyptian economy.

Minister of Investment and Foreign Trade and Chairman of The Sovereign Fund of Egypt, Mohamed Farid Saleh, said the agreement comes as part of the government’s efforts to increase the private sector’s contribution to economic activity and improve the efficiency of state-owned assets.

He added that the transaction aligns with the objectives of the State Ownership Policy Document and the government’s plan to broaden the ownership base of companies, supporting private sector-led economic growth and enhancing the attractiveness of Egypt’s investment climate.

TAQA Arabia CEO Pakinam Kafafi said managing and operating 172 fuel stations under Quick Fuel marks an important strategic step in the company’s expansion plans within the petroleum products distribution and marketing sector.

She explained that the transaction will help expand the company’s service offering and strengthen its geographic presence, leveraging its operational expertise in the energy sector to improve service quality for customers and enhance operational efficiency.

The Sovereign Fund of Egypt managed the offering process as the advisor responsible for executing the transaction. The advisory team for the National Service Projects Organization included CI Capital as exclusive financial advisor, ADSERO – Ragy Soliman & Partners as legal advisor, and Grant Thornton as accounting and tax advisor. Meanwhile, Zulficar & Partners acted as legal advisor to TAQA Arabia.