Egypt signed an agreement on Thursday with Taqa Arabia to transfer ownership of a stake in 172 state-owned Wataniya fuel stations through a newly established company, Quick Fuel, according to a cabinet statement.
Under the agreement, Taqa Arabia will acquire a 10% stake in Quick Fuel and will also have the option to acquire an additional 15% stake when the company is listed on the Egyptian stock exchange, Reuters reported.
Egypt said last year it would offer stakes in military-owned companies, which included Wataniya Petroleum, through its sovereign wealth fund.
The IMF has made increasing the role of the private sector in the economy a requirement for Egypt's $8 billion loan program.
