Abu Dhabi’s ADNOC considers acquiring Egyptian military-affiliated Wataniya Petroleum Company

Abu Dhabi National Oil Co. (ADNOC) is mulling the acquisition of a majority stake in Wataniya Petroleum Company, affiliated to the Ministry of Defence’s National Service Products Organization (NSPO), sources familiar with the matter told Bloomberg.

The UAE’s energy giant will team up with the Sovereign Fund of Egypt (TSFE) to take full ownership of the army-owned fuel distribution company, sources revealed.

The CEO of TSFE, Ayman Soliman, said that a lot of investors have expressed interest in acquiring Wataniya, but declined to give names.

In addition, Egypt’s Taqa Arabia Co is also mulling the acquisition of the fuel distribution company, sources, who asked to be anonymous, told the international news agency.

Earlier, Soliman revealed that the Egyptian Financial Group Hermes Holding (EFG Hermes) has been selected to act as a financial advisor on the promotion of army-affiliated companies to private investors.