Egypt’s Prime Minister Oversees Agreement for Transfer of 172 National Fuel Stations

Dr. Mostafa Madbouly, Egypt’s Prime Minister, attended the signing ceremony of an agreement between the National Service Projects Organization and Taqa Arabia for the transfer of ownership of a stake in 172 fuel stations operating under the “Wataniya” brand. This initiative follows a reorganization of the stations to prepare them for a new operational phase in partnership with the private sector.

Madbouly emphasized that this partnership reflects the government’s commitment to enhancing the role of the private sector in economic development. The signing was attended by several officials, including Dr. Mohamed Fared Saleh, Minister of Investment and Foreign Trade, and Major General Khaled Abdullah, Head of the Armed Forces Financial Affairs Authority.

The agreement was signed by Major General Magdy Anwar on behalf of the National Service Projects Organization and engineers Khaled Abu Bakr and Bakinam Kafafy representing Taqa Arabia. The Minister of Investment noted that this agreement aligns with the government’s vision to strengthen the private sector’s role and improve the efficiency of state-owned assets.

Taqa Arabia will acquire a 10% stake in Quick Fuel Company and will manage the operational activities of the stations. Additionally, it will have the opportunity to acquire an additional 15% when the company goes public in the future.

The Chairman of Taqa Arabia stated that this agreement marks a significant advancement in cooperation between the state and the private sector, while the company’s CEO highlighted its importance in expanding service offerings and enhancing performance quality.

These agreements are part of the advisory role played by Egypt’s Sovereign Fund to ensure successful management of this initiative.