International
Taqa Arabia acquires Rosetta Energy LNG unit
Published on : 2022-05-17
ArabFinance: Taqa Arabia, a subsidiary of Qalaa Holdings (CCAP), has acquired the liquified natural gas (LNG) unit of Rosetta Energy, according to an emailed press release on May 16th.
Under the acquisition agreement, Rosetta will conduct Taqa’s LNG operations in Egypt and Africa.
Rosetta operates and develop LNG supply chain to provide supplies to industrial, commercial, and residential facilities.
“The new step shall enhance TAQA's business expansion not only in Egypt, but also in the whole African continent where we are greatly expanding our scope of work replicating our success stories,” Taqa’s CEO Pakinam Kafafi commented.
"We are very excited to be partnering with TAQA Arabia which would allow Rosetta to accelerate its energy transition ambitions in emerging markets,” Rosetta’s CEO Karim Shaaban said.
Taqa Arabia is currently operating 59 fuel stations, in addition to 23 compressed natural gas stations. The company aims to raise the number of its stations to 200 by 2023.
