TAQA Arabia, a private-sector energy distribution company based in Cairo and led by Egyptian executive and business leader Pakinam Kafafi, has signed a memorandum of understanding (MoU) with Natural Gas Distribution Company, a Saudi Arabia-based gas distribution company.
According to the agreement, TAQA Arabia and Natural Gas Distribution Company will collaborate for one year to develop and operate gas transportation services and gas networks. Their collaboration, however, has the potential to be extended.
The strategic partnership, which aligns with Natural Gas Distribution’s expansion and growth plans to increase revenue and earnings, will also see TAQA Arabia consolidate its position after launching its subsidiary TAQA Water last year and becoming the region’s first integrated energy and water utility provider.
According to Natural Gas Distribution, the financial impact of the agreement cannot be calculated for the time being. However, the partnership will open new horizons for collaboration and benefit from different experiences in the field of gas and energy.
TAQA Arabia, Egypt’s leading energy and utility provider, serves more than 1.7 million customers with their daily energy needs and builds and operates energy infrastructure across the country, as well as water treatment and desalination services for a variety of clients.
Since its establisihment in 2006, following the acquisition of GENCO (Gas & Energy Company), TAQA Arabia has grown into Egypt’s largest private-sector energy distribution company, successfully incorporating 15 operating companies with a high level of expertise and know-how, as well as establishing green-field companies.
Earlier this year, it acquired the liquefied natural gas arm of Rosetta Energy, an international energy developer focused on emerging markets in Africa and the Middle East.
Kafafi, who was named one of Egypt’s top 50 influential women in 2016, made significant contributions to TAQA’s growth by acquiring and merging with a number of gas distribution firms from BG, ENI, Edison, and AMEC.
Kafafi oversaw the group’s business diversification strategy into power generation and distribution and later orchestrated TAQA Arabia’s entry into the renewable energy market.
