Cairo – Mubasher: Qalaa Holdings announced that its subsidiary Taqa Arabia will establish a new joint venture (JV) with the UK-based Castrol, a subsidiary of British Petroleum (BP) Plc.
The JV will be set up under the name of Castrol Egypt Oils S.A.E. with a capital of EGP 20 million, Qalaa Holdings added in a filing to the Egyptian Exchange (EGX).
Taqa Arabia will hold a 49% stake in the new JV, the company highlighted.
The new company will produce and distribute Castrol’s industrial and automotive lubricants, while Taqa for Marketing Petroleum Products will remain as the sole distributor of the British company’s products in Egypt.
