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The Board of Directors of Taqa Arabia has approved the establishment of a petroleum products storage depot in Greater Cairo, with an estimated investment cost of approximately EGP 1.4 billion, executed through its subsidiary, Taqa Petroleum Products Marketing.

In a disclosure to the Egyptian Exchange (EGX), the company stated that the board approved the investment in the new depot as part of its strategic expansion across petroleum products storage and trading activities.

The project aligns with Taqa Arabia’s broader strategy to expand its storage infrastructure, augmenting its existing operational terminals in Suez and Amreya in Alexandria.

Facilitating Fuel Station Supply

The company explained that the expansion aims to streamline the supply of gasoline and diesel to retail fuel stations operated by Taqa Petroleum Products Marketing, as well as to supply other retail operators in the Egyptian market. This initiative is set to scale operational volume and maximize returns from petroleum product sales.

Additionally, the board approved a proposed incentive framework for middle, senior, and executive management, authorizing the executive management to submit the scheme to relevant regulatory authorities to secure necessary approvals ahead of its implementation.

Taqa Arabia posted a 65% year-on-year increase in consolidated net profit after tax for the first half of the current year, reaching EGP 577.927 million compared to EGP 350.003 million in the corresponding period last year.