The liquefied natural gas (LNG) arm of Rosetta Energy, an international energy developer focused on emerging markets in Africa and the Middle East, has been acquired by TAQA Arabia, a Cairo-based private-sector energy distribution company led by CEO Pakinam Kafafi.
With the acquisition of Rosetta, led by Karim Shaaban, the Cairo-based energy company is expected to expand its business portfolio in Egypt, Africa, and the Middle East.
According to Shaaban, CEO of Rosetta, the partnership will combine TAQA’s strong gas distribution capabilities, market access, and established track record with Rosetta’s hands-on LNG expertise and agile approach.
Kafafi said the acquisition aligns with the group’s strategic expansion roadmap, as the energy company moves to deepen its energy transmission and distribution.
“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,” she said. “This is also in line with TAQA’s strategy and the Egyptian government’s plan to expand natural gas use across the country.”
Following the acquisition of GENCO (Gas & Energy Company) in 2006, TAQA Arabia has grown into Egypt’s largest private-sector energy distribution company.
Due to the COVID-19 pandemic, the company was forced to postpone its highly anticipated IPO last year.
Named one of Egypt’s top 50 influential women in 2016, Kafafi played an instrumental role in TAQA’s evolution by acquiring and consolidating several gas distribution companies from BG, ENI, Edison, and AMEC.
Her experience and track record as an efficient and talented leader is invaluable to TAQA Arabia, as she led the group’s business diversification strategy into power generation and distribution and later orchestrated TAQA Arabia’s entry into the renewable energy market.
