ADNOC withdraws from Wataniya deal, TAQA Arabia among final offers

Ahram Online , Sunday 18 Feb 2024

The Abu Dhabi National Oil Company (ADNOC) pulled out from the process of bidding on Egyptian Wataniya Petroleum, just as the deal was nearing its final stages, sources close to the deal told Al-Borsa News on Sunday.

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Wataniya fuel station. Company s website.

 

The sources revealed that some investors who had expressed interest in Wataniya are now shifting their focus towards the upcoming ChillOut stations offering

The sources explained that the government could take until next March to examine all submitted offers, review the applications, and select the winning bid.

The sale of Wataniya has attracted three final contenders, the sources stated, including an offer from TAQA Arabia, a company within QALA for Financial Investments (CCAP), and an offer from a coalition between Shell International and a Saudi investor. The third investor was not disclosed.

Government advisors of the deal restructured Wataniya and divided it into two companies. 

The first, which will be sold, comprises 174 fuel stations out of a total of 300.

The second will be government-owned and retain the Wataniya brand, comprising the remaining stations that are difficult to sell due to their nature or location.

In September of last year, ADNOC Distribution started operating in Egypt with the opening of three fuel service stations in Greater Cairo.

This step came in partnership with TotalEnergies Egypt, through which the Emirati company began injecting new investments into Egypt to operate stations carrying its brand gradually, launching various marketing and fuel distribution activities.

Moreover, ADNOC is set to form a gas joint venture along with British Petroleum (BP), the global energy giant, to develop gas assets in Egypt, according to a BP statement.

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