Arab Power allocates 1.4b pounds for Cairo petroleum warehouse

Arab Petroleum Company announced the implementation of a new project to establish a petroleum products storage facility in Greater Cairo with an investment of 1.4 billion Egyptian pounds. The goal is to enhance the company's capacity to store and distribute gasoline and diesel. The project aligns with its strategy to expand its storage and distribution network, alongside expansions at two existing warehouses in Suez and Alexandria. It aims to improve the efficiency of petroleum product supplies and accelerate delivery to its gas stations and other companies in the Egyptian market. This investment follows an agreement with the National Service Projects Authority, whereby the company acquired a 10% stake in Quick Fuel, which owns 172 gas stations, with an option to purchase an additional share when the company goes public.

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