TAQA expands in Egypt as strategic hub for services

Industrialization and Energy Services Company (TAQA) aims to position Egypt as a regional hub and a robust gateway for expansion into the Middle East and Africa, following the acquisition of Al Mansouri Petroleum Services Company (AMPS).

This strategic move involves leveraging the capabilities of 27 Egyptian companies to provide comprehensive well services offered by TAQA including drilling, production, exploration, and other services, to serve the petroleum sector in Egypt.

Khalid M. Noah, CEO of TAQA, expressed his enthusiasm for the commencement of a new phase in TAQA’s expansion journey across Egypt, adding “this move aligns perfectly with our strategic objectives of expanding our footprint and increasing our investments.”

TAQA’s strategy is built upon three key pillars: driving business growth, achieving excellence through digitisation and innovation, and transitioning towards a sustainable future with a focus on environmental and social responsibility, Noah said.

Hossam Abu Seif, Vice President of TAQA in Egypt, said: “TAQA’s acquisition of the foremost companies providing petroleum services in Egypt marks a significant turning point in the entire sector.”

It is worth mentioning that the acquisition financed by a capital increase led by the main shareholders, notably the Saudi Public Investment Fund (PIF) owning 54 percent of TAQA.