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Mashreq

Mashreq traces its origins to TAQA Arabia, Citadel Capital’s full service regional energy distribution platform, which acquired a lease for a strategic 210,000 square meter plot of land in East Port Said near the entrance to the Suez Canal in 2008. Since that time the company has been working to develop a one-of-a-kind Egyptian hub for the storage and bunkering of petroleum products.

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 Description
Mashreq has obtained the necessary permits from the Port Said Port Authority and completed the majority 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. 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 the 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 also house a 500,000 cubic meter tank terminal that will be able to store, blend and trade in refined products.

Mashreq will be the first project of its kind in Egypt and the only tank terminal on the Eastern Mediterranean.

Industry: Energy Distribution
Investment date: March 2007
Investment type: Greenfield
Citadel Capital ownership: 27.3%