Castrol unveils growth / expansion plans in Egypt
Aims at doubling its business this year.
Castrol Egypt Lubricants (CEL), a joint venture company between Castrol UK and TAQA Arabia, today announced ambitious growth and market expansion plans in Egypt over the next few years.
Castrol has been operating in Egypt since 2009 through a licensing and distribution arrangement with TAQA for Marketing Oil Products S.A.E being the sole distributor for Castrol lubricants across Egypt. In 2018, it expanded operations with the formation of the JV company set up with the objective of strengthening its presence in Egypt. As part of the JV agreement with TAQA, the company will focus on the attractive Egyptian market through investments in brand, people and technology to grow its business.
As part of its growth ambitions, the company has expanded its distribution network with the appointment of exclusive distributors. This is expected to enhance the availability of Castrol products across the country and ensure better service to customers and consumers. In addition, the company will continue to introduce the latest technology products for Egyptian consumers, adding to its already existing high performance portfolio including world class brands like Castrol GTX, Castrol MAGNATEC and Castrol EDGE.
Commenting on the announcement, Hesham Mekawi, Regional President, BP North Africa, commented: “We are proud to be growing our footprint across the industry. Castrol’s ambitious expansion plans in the local market over the next years is testimony of Egypt’s importance to BP through its world class lubricants brand. The possibilities we see in the downstream sector are endless and plans to realize the potential of the local market confirm our commitment to Egypt.”
TAQA Arabia CEO Pakinam Kafafi commented: “This partnership confirms TAQA’s mission to continue delivering our strong customer base a state of the art services as well as our strong commitment to continuously invest in Egypt’s robust market and economy.”
Egypt is one of the largest automotive market in the region, with a vehicle population which is also modernizing rapidly. This modernizing vehicle population requires state of the art quality lubricants. At the same time consumers are more quality conscious and demanding than ever. These trends have created a perfect storm – for Castrol to enter the market bringing with it technology, resources and best practices from other markets in the Middle East region and beyond.
According to Mario Mifsud, Vice President Middle East, Egypt and KSA, for Castrol Lubricants, “Castrol is one of the world’s leading lubricants brands with a proud heritage of innovation and technology. We have exciting growth plans and are committed to delivering the latest technology, high performance products and services for consumers in Egypt.”
Eng. Mohamed Nafea, Managing Director of TAQA Oil Marketing said ”With the CEL structure in place, the company is now in a strong position to go ahead with its rapid expansion plan. The JV with TAQA Arabia brings together Castrol’s resources and expertise, with TAQA Arabia’s local insights, on ground strength and stability. We are confident that together we will be able to achieve sustainable growth and reach great success.”