TAQA Arabia, the full-service energy and utility distribution market leader in Egypt, acquired Rosetta Energy’s LNG arm to expand its business portfolio in Egypt, Africa and the Middle East. Rosetta is an international energy developer and operator focused on developing the full LNG value chain to supply industrial, commercial, and residential customers off the grid with clean and cost competitive energy.
Through this acquisition, Rosetta will act as TAQA’s development and operating arm for LNG and Energy Transition opportunities in Egypt & Africa.
“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,” Pakinam Kafafi, CEO of TAQA Arabia, stated.
TAQA Arabia invests, installs, constructs, and operates energy infrastructure including gas transmission & distribution, conventional and renewable power generation & distribution, marketing oil products and lubricants throughout several retail fuel stations across the country as well as providing water desalination and treatment services for a wide range of clients.
“We are very excited to be partnering with TAQA Arabia which would allow Rosetta to accelerate its energy transition ambitions in emerging markets. Such partnership brings together TAQA’s strong gas distribution capabilities, market access and established track-record along with Rosetta’s hands-on LNG expertise and agile approach. Gas has a strong role to play in helping developing countries achieve energy security and prosperity whilst being environmentally friendly and cost competitive. We believe LNG is the ideal transition fuel today at the same time ensuring that we simultaneously develop less emitting solutions on a pathway to decarbonization,” Karim Shaaban, CEO of Rosetta, said.
Read more: SCZONE signs MoU with Total and Enara Capital for green ammonia production in Sokhna
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.
