The government is set to receive final financial offers from potential buyers of fuel stations owned by Wataniya Petroleum, a military-owned company, in the next two weeks, according to informed sources who spoke to Daily News Egypt.
The deal involves selling 174 out of 300 fuel stations that Wataniya operates across the country while keeping 126 stations that are considered strategic and special under the company’s management, the sources said.
The sources added that the interested investors have completed the due diligence process and are ready to submit their final financial offers starting next week.
Among the bidders are Shell, in alliance with a Saudi investor backed by the Saudi government, TAQA Arabia, ADNOC, and ENOC. The sources said that ADNOC’s offer is one of the best ones so far.
The government expects to finalise and award the deal in November, according to a document issued by the Information and Decision Support Center of the Cabinet of Ministers. The payment will be made entirely in dollars, except for TAQA Arabia’s offer, which includes a part in pounds.
Hala El-Said, Minister of Planning and Economic Development, said in mid-October that the deal would be concluded within six weeks.