The Egyptian Defense ministry has chosen the country’s Sovereign Fund (SFE) to sell between 80 and 90 per cent of Wataniya Petroleum, a subsidiary of the National Service Products Organization (NSPO), reports say.
SFE’s CEO Ayman Soliman told Reuters that the army is keen to deal with franchisers as it seeks to sell part of a portfolio of companies.
The ministry is willing to retain between 10 and 20 per cent of the company and incoming new shareholders will hold the fueling stations on a long-term leasehold basis, paving the way to start the transaction.
Few candidates including Abu Dhabi National Oil Company (ADNOC), Emirates National Oil Company (ENOC), Saudi Aldrees Petroleum and Transport Services Co. and Qalaa Holdings’ TAQA Arabia expressed their interests for the operation.
Soliman hopes the sale will be completed in June this year.
Both the SFE and NSPO signed a cooperation agreement in February to offer some of NSPO’s subsidiaries to private investors, Egypt Oil & Gas reports.
Egypt Defense ministry asks local Sovereign Fund to help sell up 90 per cent of Wataniya Petroleum Company
