Egypt signs deal to transfer stake in military-owned Wataniya fuel stations to TAQA Arabia

Egypt signed an agreement with TAQA Arabia on Thursday to transfer a stake in a network of 172 Wataniya fuel stations to a newly established company, advancing the government’s programme to bring private-sector investors into state-owned assets.

Under the agreement, TAQA Arabia will acquire a 10 per cent stake in Quick Fuel for Petroleum Products Trading and Distribution, the company created to own and operate the fuel station network formerly controlled by the National Service Projects Organisation (NSPO), the economic arm of Egypt’s military.

TAQA Arabia will also manage, operate, and modernise the network under a long-term management agreement and will have the option to increase its ownership stake by a further 15 per cent following a planned listing of Quick Fuel on the Egyptian Exchange (EGX).

The transaction, signed in the presence of Prime Minister Moustafa Madbouly, follows the restructuring of the Wataniya network and forms part of Egypt’s broader asset monetisation and privatisation programme aimed at expanding private-sector participation in the economy.

Madbouly said the agreement aligns with Egypt’s State Ownership Policy and supports the government’s efforts to position the private sector as a leading driver of economic growth.

Investment and Foreign Trade Minister Mohamed Farid said the transaction would help improve governance and operational efficiency while paving the way for broader ownership through a future public offering.

For TAQA Arabia, one of Egypt’s largest integrated energy and utility companies, the deal expands its presence in the retail fuel distribution market.

Chief Executive Officer Pakinam Kafafi said operating the 172-station network through Quick Fuel would allow the company to strengthen its market position and capitalize on its expertise in petroleum products distribution.

“The transaction represents a significant shift in public-private partnership models, combining operations, ownership transfer, and restructuring ahead of a planned IPO,” said Khaled Abu Bakr, Chairman of TAQA Arabia.

The transaction was executed with support from the Sovereign Fund of Egypt (TSFE), which has played a key role in structuring and implementing state asset sales under the government’s privatisation agenda.

Attribution: Amwal Al Ghad English