Egypt aims to list 8 state-owned oil firms on Cairo bourse soon: minister

Egyptian government hopes to start selling shares in 8 state-run oil firms on the local stock exchange within the coming few months, Oil Minister Tarek el-Molla said Monday.

Egypt’s Ministry of Petroleum is in ongoing talks with Ministry of Investment, Ministry of Finance and the Central Bank of Egypt to assess eight state-owned oil companies for their suitability for a possible listing on the Egyptian Stock Exchange or share issuances, minister el-Molla added.

“I hope within this month, the government would announce its programme and priorities concerning listing those firms within the coming few months,” the Egyptian minister said in an economic conference in Cairo.

The Egyptian presidency announced in January that Egypt would soon 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.

“Among the names we are studying are Middle East Oil Refinery (MIDOR) and the Egyptian Ethylene and Derivatives Company (ETHYDCO), and we are considering a capital increase for companies Alexandria Mineral Oils Co. (AMOC), MIDOR, and Misr Fertilizers Production Company (MOPCO).” The Egyptian minister said earlier in August.