Wataniya stake sale to be complete by 6 weeks, says Planning Minister

Cairo – October 17, 2023: National Service Projects Organization (NSPO) owned Wataniya Petroleum’s stake sale could be completed within the next few weeks, says Minister of Planning and Economic Development, Hala El-Said.

The minister added that the winning bid will be announced within a month to six weeks, and revealed that there are three main companies competing to acquire a share of the national petroleum products company.

“The companies are still in the stages of due diligence on the company, as the winning bid will acquire the company that was recently established by the government as part of the restructuring process carried out by the deal’s advisors on Wataniya, with the agency retaining the strategic stations of a special nature under the name Wataniya,” explained El-Said to media.

In the past few months, several companies have been named as potential buyers, including TAQA Arabia, the UAE’s ADNOC and ENOC, and the North Petroleum International Company (NPIC) - an Egyptian subsidiary of China’s Zhen Hua Oil.

On Monday, global oil giant Shell formed an alliance with Saudi Aramco to bid for Wataniya Petroleum, however, no further details have been disclosed on their bid.

In late August, TAQA Arabia submitted a non-binding agreement to acquire fuel stations owned by Wataniya Petroleum and revealed that it was qualified for the second stage of Wataniya's tender among other investors and was invited to start the due diligence.