TAQA Arabia absorbs Rosetta Energy's LNG unit
TAQA Arabia, an energy distributor that operates in Egypt, has purchased the LNG division of Egypt-headquartered Rosetta Energy in a deal expected to extend its regional market presence, the company said May 16.
The move comes as Egypt continues to ramp up natural gas activities following the 2016 launch of its national strategic plan, Vision 2030, which sees domestic gas as a key driver for sustainable economic growth.
Rosetta focuses on end-to-end LNG value propositions, encompassing small-to-medium scale LNG plants, transport solutions and deployment of offshore and onshore regasification units.
Its portfolio will become TAQA Arabia's LNG and energy transition services arm for Egypt and Africa. TAQA believes it can help expand natural gas usage for a "wider range" of off-grid customers, particularly those seeking to replace diesel or fuel oil endpoints.
Pakinam Kafafi, CEO of TAQA Arabia, said: "This new acquisition supports TAQA's strategy of diversifying the scope of its energy transmission and distribution services to best cater to the growing needs of its clients and customers.
"This also aligns with TAQA's strategy and the Egyptian government's plan to increase and expand the use of natural gas nationwide.
"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 Arabia, a division of Qalaa Holdings, currently serves more than 1.7mn energy customers through its portfolio activities, including gas infrastructure, power generation and distribution and oil marketing and lubricants.