Egypt to announce winning bid of Wataniya stake sale soon, Hala El Said

Cairo – May 23, 2024: Egypt received seven offers, both international and domestic, for the acquisition of shares in the National Company for Petroleum Products Marketing and Distribution (Wataniya), with Minister of Planning and Economic Development Hala El Said sharing that the winning proposal will soon be unveiled.

El Said, speaking at the Joint annual meeting of the Arab financial institutions in Cairo, mentioned that the government is presently engaged in evaluating offers and intends to make a selection soon.

Since May 2023, the government opened the bid process acquiring stakes in the state-owned Wataniya as part of Egypt's broader plan to list 40 companies for its initial public offering (IPO) program, with the deadline for bids set for February 2024.

As part of the ongoing $8 billion loan program with the International Monetary Fund (IMF), Egypt remains steadfast in reducing the government's involvement in the country’s economy, opting to exit certain sectors to encourage private sector involvement.

Since March 2023, Egypt has successfully generated over $3 billion from the sale of state-owned companies under its privatization program, following a $2.5 billion divestment of government assets in 2022.

Established in 1993, Wataniya is wholly owned by the National Service Projects Organization (NSPO) of the Armed Forces.

It operates approximately 255 service and vehicle fuel stations, with 20 stations under construction and 25 stations in the planning phase, as per the official website of the National Service Projects Organization.

Proceeds from the IPO sales will be allocated towards addressing Egypt’s escalating debt levels, which stood at 96 percent of the country’s GDP in FY2022/2023, with the aim of reducing it to below 80 percent by the conclusion of the IMF loan program in 2026.