UPDATE 1-Egypt signs deal to transfer shares in Wataniya 172 fuel stations to Taqa Arabia

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June 11 (Reuters) - Egypt signed an agreement on Thursday with Taqa Arabia TAQA.CA to transfer ownership of a stake in 172 state-owned Wataniya fuel stations through a newly established company, Quick Fuel, according to a cabinet statement.

  • Under the agreement, Taqa Arabia will acquire a 10% stake in Quick Fuel and will also have the option to acquire an additional 15% stake when the company is listed on the Egyptian stock exchange.

  • Egypt said last year it would offer stakes in military-owned companies, which included Wataniya Petroleum, through its sovereign wealth fund.

  • The IMF has made increasing the role of the private sector in the economy a requirement for Egypt's $8 billion loan program.


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