TAQA Arabia, a subsidiary of Qalaa holdings has said it is going to expand its network of fuel stations in Egypt through TAQA Oil Marketing Company. This will serve remote areas that have witnessed the worst of the country’s energy shortage.
“TAQA Oil Marketing looks forward to rolling out our new expansion plan in Egypt’s underserved markets,” said TAQA Arabia CEO, Pakinam Kafafi.
At a time of energy shortages in the country particularly in the Rural areas, such moves exhibits baby steps towards opening ready access to power sources.
TAQA Arabia is the largest private sector energy distribution company in Egypt with over 16 years of experience in investing and operating energy infrastructure such as gas transmission and distribution, power generation and distribution and marketing of petroleum products. The company serves more than 600 industrial, 50,000 commercial and 600,000 residential customers and has converted 1 million appliances to natural gas powered in Egypt and the MENA region.
The Company has 36 gas and fuel stations. It recently signed a deal with Castrol, a leading lube producing company, to hold exclusive distribution rights of Castor’s Product in Egypt. The company now provides services to the automotive, maritime and industrial sector, spurring growth of its marketing business.
“The Return On Equity (ROE) of TAQA Marketing is expected to exceed 20 percent by the end of this year and will reach 25 percent within two years,” said TAQA Marketing Managing Director, Mohammed Nafea.
This investment tallies with government effort to revive the Egyptian economy and regain investors trust in energy sector.