Wednesday February 21st, 2024
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State-Owned Chillout Fuel Stations Will be Privatised

This privatisation initiative is a key term as part of Egypt’s $3 billion loan agreement with the IMF.

Cairo Scene

ChillOut fuel stations are slated for sale to the private sector under Egypt's IPO programme, as announced by Dr. Hala El-Said, Minister of Planning and Economic Development. This move comes in the wake of the ongoing divestment of state-owned petrochemical firms, including Wataniya fuel stations.

Wataniya, a fuel station chain owned by the National Service Projects Organization (NSPO) of the Egyptian Army, is currently undergoing restructuring, with a new entity set to acquire 174 out of its 300 fuel plants. ChillOut, the other NSPO-owned chain, is independently managed through the National Company for Roads. Minister El-Said acknowledged a slight delay in the planned sale of Wataniya, extending beyond its original end-of-December target.

The government's IPO program, launched in February, aims to offer 35 state-owned companies to strategic investors, aligning with the State Ownership Policy Document. This privatisation initiative is a key term as part of Egypt’s $3 billion loan agreement with the International Monetary Fund (IMF).

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