Mashreq

Mashreq was acquired by TAQA Arabia, Citadel Capital’s full-service regional energy distribution platform in 2007. Its asset was a lease for a strategic 210,000 square meter plot of land in East Port Said near the entrance to the Suez Canal in 2007. Since that time the company has been working to develop a one-of-a-kind Egyptian bunkering facility.

In the first quarter of 2009, Mashreq was spun off as a distinct Platform Company, reducing TAQA Arabia’s capital by US$ 25 million.

OPERATIONAL UPDATE

Mashreq has obtained the necessary permits from the Port Said Port Authority and completed much of the infrastructure preparations necessary for the launch of the project, including dredging, shore protection and site leveling, as well as engineering and design of the tank farm, layout and marine engineering. Full-scale construction work will only commence once the appropriate financing package is in place.

To date, Egypt has not been getting the maximum benefit from its strategic location on the Suez Canal. With Mashreq, Egypt will be able to capitalize on the heavy traffic that transits the Canal each year. The land that Mashreq holds is also conveniently located within close proximity to Maersk’s Suez Canal container terminal, giving it even greater access to vessels as they load and unload cargo.
As ships are waiting for their convoys to pass through the Canal, Mashreq will be able to provide them with fuel as well as other services.

Mashreq will be the first project of its kind in Egypt.