Egypt’s famed military-owned ChillOut fuel station franchise will be privatised through an initial public offering (IPO), announced Minister of Planning and Economic Development Hala El-Said on 3 December. The announcement, made during an interview with Asharq Business on the sidelines of COP28, marks a significant step in the country’s ongoing privatisation programme. The transaction is expected to proceed following the sales of state-owned petrochemical firms and Wataniya fuel stations. The government’s sale of Wataniya, initially slated for the end of December, will be delayed a further few weeks into the new year. CHILLOUT’S CLIMB TO DOMINANCE ChillOut fuel stations began spawning across the nation in 2018, having since become the fastest-growing fuel station franchise in the country. As of May 2022, ChillOut operates 80 stations across the country. Both ChillOut and Wataniya are owned by the Egyptian Army’s National Service Projects Organization (NSPO). The former is independently owned by the NSPO through its subsidiary, the National Company for Roads. As implied by its name, ChillOut became renowned for transforming Egypt’s fuel stations into settings for social outings. Most ChillOut stations constructed are accompanied by a small mall or a strip…
