Qalaa Holdings’ Taqa Arabia has acquired the LNG arm of Egyptian-bases energy firm Rosetta Energy, it said in a statement .
The company didn’t disclose the value of the transaction. Enterprise was unable to reach a company representative for comment.
What’s Rosetta Energy: The Egypt-based company builds and operates small- and medium-sized liquefaction and regasification plants and works in marine and road gas transport in emerging markets in Africa and the Middle East. Rosetta delivers natural gas to off-grid customers looking to switch from diesel and other higher-emission fuels.
What this means: Rosetta will become Taqa’s LNG development and operating arm in Africa and the Middle East. “This new acquisition supports Taqa’s strategy of diversifying the scope of its energy transmission and distribution services to best cater to the growing needs of its clients,” said Taqa CEO Pakinam Kafifi.
Taqa is coming off of a solid 2021: The energy company saw its revenues rise 15% to EGP 9.1 bn last year on improving market conditions.
The company said earlier this year it could make its EGX debut in 2023. Qalaa’s plans to list 30-40% of Taqa in the first half of 2020 were derailed by the pandemic.
