Abu Dhabi Oil Giant Mulls Stake in Egypt’s First Army Firm Offer - Bloomberg
Abu Dhabi National Oil Co. is among suitors interested in a majority stake in one of the first Egyptian army-held companies being offered to investors, according to people familiar with the matter.
Under the proposal, Adnoc would partner with Egypt’s sovereign wealth fund, giving the two full ownership of Wataniya Petroleum, a fuel distribution firm currently affiliated to Egypt’s military, the people said.
Taqa Arabia Co., a private Egyptian energy distribution company, has also expressed interest in the majority stake and partnering with the fund, according to the people. They asked not to be identified because the talks are confidential.
The chief executive officer of the wealth fund, Ayman Soliman, said Wataniya has “attracted a lot of investors,” but declined to identify them. Adnoc which is owned by Abu Dhabi’s government, declined to comment, while officials in Taqa couldn’t be reached for comment.
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