Business
TAQA Arabia Executes Deal With NSPO To Transfer 172 Fuel Stations To Newly Established Co
TAQA Arabia Executes Deal With NSPO To Transfer 172 Fuel Stations To Newly Established Co
About this update from Taqa Arabia
TAQA ARABIA EGX:TAQA:TAQA ARABIA- EXECUTION OF BINDING HEADS OF AGREEMENT BETWEEN CO AND NATIONAL SERVICE PROJECTS ORGANIZATION (NSPO)AGREEMENT OUTLINES COOPERATION TO TRANSFER 172 NSPO-OWNED “WATANIYA” FUEL STATIONS INTO NEWLY ESTABLISHED QUICK FUEL FOR PETROLEUM PRODUCTS TRADING AND DISTRIBUTION (QUICK FUEL)PURSUANT TO TERMS OF AGREEMENT, TAQA ARABIA TO ACQUIRE A 10% EQUITY STAKE IN QUICK FUELOBTAIN OPTION TO ACQUIRE ADDITIONAL 15% EQUITY STAKE IN QUICK FUEL UPON ITS FUTURE LISTING ON EGYPTIAN EXCHANGETAQA ARABIA SHALL UNDERTAKE MANAGEMENT OF QUICK FUEL’S OPERATIONAL ACTIVITIESTAQA ARABIA SHALL SUPPORT IMPLEMENTATION OF QUICK FUEL'S DEVELOPMENT AND EXPANSION PLANS