PROJECTS: National Bank of Egypt, Taqa Arabia sign $58mln loan agreement

Loan will support Taqa Arabia's plans to expand fuel station network and storage terminals

  
Petroleum storage tanks on petrochemical plant. Image for illustrative purposes.

Petroleum storage tanks on petrochemical plant. Image for illustrative purposes.

Getty Images/ AROON PHUKEED

National Bank of Egypt (NBE), the Arab country’s largest financial institution, and Taqa Arabia - a Qalaa Holdings’ company – have signed a 916 million Egyptian pound ($58 million) loan agreement to support Taqa Arabia’s expansion plans within the country. 

TAQA Arabia said in a press statement that the funds would be used to establish new fuel stations and build a new petroleum storage terminal. 

It said the company will set up 40 new natural gas stations across Egypt under Master Gas, TAQA Arabia’s CNG company, and build a new 25.6 million litre capacity petroleum storage terminal in Alexandria Governorate, that will supplement its existing 18-million litre capacity storage terminal in Suez Governorate. 

The company is currently operating 59 fuel stations and 23 Compressed Natural Gas (CNG) stations and is planning to grow the total number of stations to 200 by 2023, the statement said. Taqa Arabia currently serves more than 1.4 million customers in 42 cities across Egypt through its fuel station network. 

(1 US Dollar = 15.72 Egyptian Pounds) 

(Writing by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com

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