TAQA Arabia, a subsidiary of Qalaa Holdings, signed financing contracts worth EGP 916 million with the National Bank of Egypt (NBE) to expand its investment plans.
The Vice Chairman of NBE, Yehia Abou El-Fotouh, affirmed that the bank strives to support projects that contribute to economic stability by securing strategic commodities such as petroleum products, according to a statement on Thursday.
The CEO of TAQA Arabia, Pakinam Kafafi, said “TAQA Arabia’s team diligently operates in alignment with the Ministry of Petroleum and Mineral Resources to serve more than 1.4 million customers in 42 cities across Egypt.”
“Throughout our geographic expansion, TAQA Arabia seeks to establish new service stations for petroleum products. We are currently operating 59 fuel stations and 23 CNG stations, with projected plans to reach 200 stations by 2023,” Kafafi noted.
The NBE’s facilities will be mainly used to finance the establishment of 40 new natural gas stations affiliated to Master Gas, TAQA Arabia’s CNG company, in several governorates in Egypt, Corporate Banking, Debt, and Structured Finance CEO of NBE, Sherif Riad, revealed.
He noted that this initiative will encourage car owners in the country to replace petroleum fuel with natural gas.
The Chief Financial Officer of TAQA Arabia, Peter Mofeed, said, “A portion of NBE’s latest financing agreement will be dedicated to establishing TAQA Arabia’s petroleum storage terminal with the capacity of 25.6 million litres in Alexandria Governorate aside of TAQA’s current storage terminal with the capacity of 18 million litres in Suez Governorate.”
