Castrol, TAQA to establish Egypt JV for manufacture, distribution of engine oil
BP announced on Thursday that subsidiary Castrol will establish a joint venture with Qalaa Holdings’ TAQA Arabia to manufacture and distribute a range of engine oils in Egypt. The new company, Castrol Egypt Oil, will be the sole authorized distributor of Castrol products in the country and will target both the commercial vehicle and passenger car markets. Details on the size of the manufacturing outfit and value of expected investments were not disclosed. The move comes as part of BPs efforts to expand its activities in North Africa, particularly in Egypt, according to BP’s Regional Director for North Africa, Hisham Mekkawi.
Castrol-TAQA engine oil JV “Castrol Egypt Oil” to be set up with EGP 20 mn capital: The engine oil manufacturing and distribution joint venture that BP subsidiary Castrol will establish with Qalaa Holdings’ TAQA Arabia will have a capital of EGP 20 mn, Qalaa announced in a regulatory filing. TAQA will have a 49% equity stake in the JV. The two companies had announced on Thursday that the JV, named Castrol Egypt Oil, will distribute Castrol products in the country and will target both the commercial vehicle and passenger car markets. TAQA is already the sole distributor of Castrol products in Egypt.