Castrol, TAQA to establish JV to manufacture and distribute engine oil in Egypt

INVESTMENT WATCH- Castrol, TAQA to establish JV to manufacture and distribute engine oil in Egypt: BP announced on Thursday (pdf) that subsidiary Castrol will establish a joint venture with Qalaa Holdings’ TAQA Arabia to manufacture and distribute a range of engine oils in Egypt. The new company, Castrol Egypt Oil, will be the sole authorized distributor of Castrol products in the country and will target both the commercial vehicle and passenger car markets. Details on the size of the manufacturing outfit and value of expected investments were not disclosed. The move comes as part of BPs efforts to expand its activities in North Africa, particularly in Egypt, according to BP’s Regional Director for North Africa, Hisham Mekkawi.