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Egypt rules out IPO plans for state-run Cairo Oil Refining

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Egyptian Ministry of Petroleum will neither float shares of Cairo Oil Refining Company nor any oil firms fully owned by the government on the stock market, the ministry’s spokesman said Saturday.

The government is set to list joint ventures between the government and foreign oil firms on the stock market, Hamdy Abdel-Aziz, the petroleum ministry spokesman told Amwal Al Ghad.

Hamdy Abdel-Aziz, the petroleum ministry spokesman told Amwal Al Ghad that the government would not list any state-run oil firms. Instead, Egypt plans to list petroleum joint ventures between the government and foreign firms on the bourse, as part of a plan to

The Egyptian presidency announced earlier in January that it plans to offer shares of “successful” state-owned companies and banks on the local bourse – its first public offering of government-owned firms since 2005, when it offered shares in Telecom Egypt, AMOC, and Sidi Kerir.

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