Egypt to offer state-owned ChillOut fuel stations under IPO programme

ChillOut's offering is expected to take place following the completion of a deal to sell state-owned petrochemical companies and Wataniya fuel stations, El-Said revealed during an interview with Asharq Business on the sidelines of the 2023 United Nations Climate Change Conference (COP28) held in Dubai.

Wataniya, one of two chains of fueling stations owned by the Egyptian Army's National Service Projects Organization (NSPO), has been divided by the government, with a new entity taking 174 of Wataniya's 300 fuel plants.

The other chain, ChillOut, is owned separately by the NSPO through its subsidiary, the National Company for Roads.

El-Said acknowledged that the sale of Wataniya will be delayed a few weeks beyond its scheduled date at the end of December.

This is not the first postponement, with the most recent delay being announced by El-Said last October. The IPO programme in general, launched in February, has seen many delays.

Wataniya Petroleum is one of 35 key state-owned companies in which the government plans to offer stakes to strategic investors by the end of June 2024, as outlined in the State Ownership Policy Document.