The UAE-based ADNOC Company has started appointing consultants to assist it in preparing a bid for the acquisition of the National Petroleum Group of the National Services Projects Authority in Egypt.
According to Arabnet, related sources said that the deal is to be executed during the second half of the year, up to the end of December 2021, and the alternatives available to the Emirati company include buying a share of the company or buying it in full.
Among the tasks that ADNOC intends to appoint will be to assist the company in setting the value of the acquisition offer, according to Al-Borsa newspaper on Wednesday.
The sources pointed out that the petroleum sector is one of the economic sectors that attract investors at the present time, especially with the implementation of an economic reform program based on the liberalization of energy prices.
The Executive Director of Egypt's Sovereign Fund, Ayman Suleiman, said in previous statements that the sovereign fund helps sell between 80% and 90% of the National Petroleum Company, provided that it maintains for itself a share between 10% and 20%, and it is possible that the buyer will keep the fueling stations on The basis of a long-term lease agreement.
The fund is also looking to expand its network of potential buyers of a chain of gas stations belonging to the National Petroleum Company, by adding agency rights for owners of commercial chains to the list of candidates.
The Emirati ENOC Group, known as the Emirates National Oil Company and owned by the Dubai government, competed to acquire a national group alongside the Al Drees Petroleum and Transport Services Company, which also expressed its interest in the deal within the framework of discussions that took place with a number of investors during the last stage, in addition to an Arab energy company from Egypt. / p>
