Saudi, Dubai Fuel Firms Vie With Adnoc for Egyptian Army Company

Dubai’s state energy firm and Petromin Corp. of Saudi Arabia are taking on the likes of Abu Dhabi National Oil Co. by entering the bidding race for the first Egyptian army company being offered to investors, according to people familiar with the matter.

Whichever company wins would partner with Egypt’s sovereign wealth fund in taking joint full ownership of Wataniya Petroleum, a fuel distribution firm that has more than 200 filling stations and is run by the North African nation’s military.

Read more: Abu Dhabi Oil Giant Mulls Stake in Egypt’s First Army Firm Offer

Petromin and Emirates National ...