Cairo - Mubasher:TAQA Arabia, an Egypt-based full-service energy and utility distribution market provider, has acquired the liquefied natural gas (LNG) arm of Rosetta Energy.
By acquiring the LNG arm of Rosetta, an international energy developer and operator of the LNG value chain, TAQA Arabia will expand its business portfolio in Egypt, Africa, and the Middle East, according to a press release on Monday.
Under the transaction, Rosetta will act as TAQA's development and operating arm for LNG and energy transition opportunities in Egypt and Africa.
The CEO of TAQA Arabia, Pakinam Kafafi, commented: "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. This also aligns with TAQA's strategy and the Egyptian government's plan to increase and expand the use of Natural gas nationwide."
Meanwhile, the CEO of Rosetta, Karim Shaaban, said: "Such partnership brings together TAQA's strong gas distribution capabilities, market access, and established track record along with Rosetta's hands-on LNG expertise and agile approach."