RIYADH: TAQA Arabia Co., one of Egypt’s largest energy distribution companies, plans to invest the proceeds of a loan from National Bank of Egypt expanding its network of natural gas vehicle refueling stations, said CEO Pakinam Kafafi.
TAQA Arabia, a unit of Qalaa Holdings (formerly Citadel Capital), will use the 916 million Egyptian pounds ($58.4 million) loan to help it increase the number of compressed natural gas (CNG) refueling stations to 200 by 2023, up from 23 currently, Kafafi told CNBC Arabia.
Repayment of the loan will be over a 7-year period, she said.
Money from the loan will be primarily dedicated to inaugurate 40 new natural gas stations belonging to Master Gas, TAQA Arabia’s CNG company and a share of NBE’s investments will be assigned to TAQA Petroleum for building a new storage terminal in Alexandria Governorate, Sherif Riad, corporate banking, debt and structured finance CEO of National Bank of Egypt said in a statement June 3.
