Sources connected to the deal to sell “National Petroleum Stations” said that the Abu Dhabi Oil Company, ADNOC, withdrew from completing the competition for the deal after it had reached the final stages, and did not submit a final offer.
The sources indicated to Al Borsa that there are investors who were interested in a national company who are anticipating the offering of “Shell Out” stations after statements by Hala Al-Saeed, Minister of Planning and Economic Development, about the company’s approaching offering, which made investors anticipate the offering.
The sources explained that the government will examine the submitted applications after receiving all the offers, and will take its time to review the applications and choose the winning offer, which may extend until next March.
In September of last year, ADNOC Distribution announced the opening of three service stations bearing the ADNOC brand in Egypt, located in key strategic areas in Greater Cairo.
The Minister of Petroleum and Mineral Resources, Tariq Al-Mulla, opened the first car service and fuel supply station for the Emirati company “ADNOC”, which is located in the Degla area in the Maadi district.
This step came in partnership with the French marketing company Total Energies, under which the Emirati company began pumping new investments into Egypt to successively operate stations bearing its brand and launch various activities and operations in the field of marketing and fuel distribution.
The sources said that the final list of competitors for “Wataniya” includes 3 offers, including an offer from an Arab energy company, one of the companies of the Qalaa Holding Group for Financial Investments, and an offer from an alliance between Shell International and a Saudi investor.
Advisors to the government side in the deal structured “Wataniya” and divided it into two companies, one of which will be sold, while a national brand owned by the government side will be retained to include stations that are difficult to sell due to their special nature or the nature of their location.
The advisors are “CI Capital”, the financial advisor, “Grant Thornton”, and “Adceron”, the legal advisors, the company’s restructuring process, and the new entity that will be sold owns 174 gas stations out of a total of 300 stations.
“Wataniya” was established in 1993 with the aim of establishing and managing car service and supply stations inside and outside cities and marketing petroleum products, oils and lubricants.
The company began its activity in partnership with “Shell” and “Mobil” companies to gain and transfer experience, and since 2002 the company began establishing its own stations bearing the name “Wataniya.”
2024-02-17 19:33:50
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