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Seven bidders both international and domestic are competing for the acquisition of shares in the National Company for Petroleum Products Marketing and Distribution (Wataniya). The Ministry of Planning and Economic Development Egypt stated that the winning proposal will soon be unveiled.
The government is presently engaged in evaluating offers and intends to make a selection soon stated, Hala El Minister of Planning and Economic Development at the Joint annual meeting of the Arab financial institutions in Cairo. In May 2023, the government opened the bid process for acquiring stakes in the state-owned Wataniya as part of Egypt’s broader plan to list 40 companies for its initial public offering (IPO) program, with the deadline for bids set for February 2024.
As part of the ongoing $8 billion loan program with the International Monetary Fund (IMF), Egypt remains steadfast in reducing the government’s involvement in the country’s economy, opting to exit certain sectors to encourage private sector involvement.
Since March 2023, Egypt has successfully generated over USD 3 billion from the sale of state-owned companies under its privatization program, following a USD 2.5 billion divestment of government assets in 2022.
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Established in 1993, Wataniya is wholly owned by the National Service Projects Organization (NSPO) of the Armed Forces. It operates approximately 255 service and vehicle fuel stations, with 20 stations under construction and 25 stations in the planning phase, as per the official website of the National Service Projects Organization.
