Wataniya stake sale to be complete by 6 weeks, says Planning Minister

The Minister of Planning and Economic development, Hala El-Said, announced that the stake sale of Wataniya Petroleum, a company owned by the National Service Projects Organization (NSPO), could be finalized within the next six weeks. The minister also revealed that there are three main companies competing to acquire a share of the national petroleum products company. This deal is part of a restructuring process carried out by Wataniya's advisors, and the winning bidder will also acquire newly established companies by the government. In recent months, potential buyers have been identified, including TAQA Arabia, the UAE's ADNOC and ENOC, and North Petroleum International Company (NPIC), an Egyptian subsidiary of China's Zhen Hua Oil. Additionally, global oil giant Shell has teamed up with Saudi Aramco to bid for Wataniya Petroleum. On the other hand, TAQA Arabia submitted a non-binding agreement to acquire fuel stations owned by Wataniya Petroleum in late August and revealed that it's qualified for the second stage of Wataniya's tender among other investors.