Egypt-headquartered TAQA Arabia purchased the Liquefied Natural Gas (LNG) of Rosetta Energy expecting to expand its regional market existence, the company announced on Monday in a press release. This aligns with TAQA’s strategy and the Egyptian government’s plan to rise and expand the usage of natural gas nationwide.
Rosetta’s portfolio in Egypt will become TAQA Arabia’s LNG and energy transition services arm in Egypt and Africa. According to Rosetta’s plan will upgrade the small-scale LNG plants to a medium scale and focus on the end-to-end LNG value offers. In addition, it will deploy offshore and onshore regasification units, Karim Shaaban the CEO of Rosetta said.
This new acquisition supports TAQA’s strategy to diversify the transmission and distribution services in best way to meet the growing needs of its clients, Pakinam Kafafi CEO of TAQA Arabia said.
TAQA’s step followed Egypt’s effort to boost natural gas activities following the 2016 launch of its national strategic plan of Vision 2030, which sees domestic gas as a key driver for sustainable economic growth.
TAQA Arabia is a division of Qalaa Holdings, currently serves more than 1.7mn energy customers through its portfolio activities; including gas infrastructure, power generation and distribution and oil marketing and lubricants.
Rosetta is an international energy developer and operator focused on transitioning the energy ecosystem in emerging markets to a clean and sustainable future.