Qalaa Holdings subsidiary announces joint venture with Castrol in Egypt
Qalaa Holdings announced that its subsidiary Taqa Arabia will establish a new joint venture (JV) with UK-based lubricant company Castrol, a subsidiary of BP Plc.
The JV will be established under the name of Castrol Egypt Oils S.A.E. with a capital of EGP 20 million (USD 1.1 million), according to a filing with the Egyptian Exchange (EGX). Taqa Arabia will hold a 49% stake in the new JV.
The joint venture company will produce and distribute Castrol’s industrial and automotive lubricants, while Taqa will remain as the sole distributor of Castrol lubricant products in Egypt.
In related company news, Nepal Oversees Trading Concern, the authorized distributor of Castrol lubricants in Nepal, has launched a new lubricant for heavy vehicles.
Castrol’s Country Manager Panchanan Raut unveiled the lubricant – Vecton – during a recent function in Kathmandu.