Countdown begins for sale of important Egyptian army company

Egypt will close the door on any final offers to buy shares of the National Company for the Sale and Distribution of Petroleum Products (Wataniya) within 48 hours, Minister of Planning Hala al-Saeed announced.

Bloomberg reported that this indicates the imminent announcement for the winner of the long-awaited deal.

Saeed explained, in statements to the agency during a celebration she attended in Cairo on Tuesday, that the government will finish selling wind power plants in Jabal al-Zeit before the end of March.

“The plan to rationalize expenditures will not affect our expectations for economic growth during 2023-2024 at three percent,” she said.

The government’s expectations for economic growth during the current fiscal year are in line with the expectations of the International Monetary Fund.

Wataniya is wholly owned by the National Service Projects Organization (NSPO) of the Egyptian Armed Forces, which at the same time owns 20 percent of Taqa Arabia shares since last July for LE1.629 billion.

The companies Taqa Arabia, ADNOC of the UAE, ENOC of the UAE and Petromin of Saudi Arabia are competing to win Wataniya shares.

The capacity of the Jabal al-Zeit wind energy projects is 580 MW, and includes the stations Jabal al-Zeit 1, with a capacity of 240 MW, Jabal al-Zeit 2 with a capacity of 220 MW, and Jabal al-Zeit 3 with a capacity of 120 MW.

It was implemented in cooperation with the Spanish government.

Related Articles

Back to top button