ADQ to buy stakes in 3 Egyptian energy firms before year-end: minister

Abu Dhabi’s state holding company ADQ will buy stakes in three Egyptian energy firms before the end of the year, Egypt’s Oil Minister Tarek el-Molla said on Wednesday.

“Abu Dhabi Development Holding Company’s (ADQ) acquisition deal for stakes in three Egyptian energy firms will take place before the end of this year after completing some paper work.” el-Molla told reporters.

The minister said the country will have to temporarily postpone a merger deal between Sidi Kerir Petrochemicals Co. (Sidpec) and the Egyptian Ethylene and Derivatives Company (ETHYDCO) until ADQ’s deal is done.

Earlier in July, the Egyptian government has reached an initial agreement to sell between 25 – 30 percent stake in ETHYDCO, Egyptian Linear Alkyl Benzene (ELAB), and Egyptian Drilling Company to ADQ for $800 million.