• 2 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 2 days Schlumberger Warns Of Moderating Investment In North America
  • 2 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 3 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 3 days British Utility Companies Brace For Major Reforms
  • 3 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 3 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 4 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 4 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 4 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 5 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 5 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 6 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 6 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 7 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 7 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 7 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 7 days Aramco Says No Plans To Shelve IPO
2 Red Flags For The World’s Top Shale Play

2 Red Flags For The World’s Top Shale Play

Changing legislation and taxation for…

5 Players To Watch In The FinTech Revolution

5 Players To Watch In The FinTech Revolution

Artificial Intelligence and Blockchain tech…

Erwin Cifuentes

Erwin Cifuentes

Erwin Cifuentes is a Contributing Editor for Southern Pulse Info where he focuses on politics, economics and security issues in Latin America and the Caribbean.…

More Info

Egypt Considering Public Offering For 8 State-Owned Oil Firms

Egypt Oil

The Egyptian government is purportedly examining listing eight state-owned oil companies on the country’s stock exchange, according to Oil Minister Tarek El Molla on Tuesday.

"We sent the names of eight petroleum companies to the Ministry of Investment last week to be studied, paving the way to issuing some of their shares on the bourse or increasing their capital," El Molla admitted in a phone interview with Reuters.

"Among the names we are studying are Middle East Oil Refinery (MIDOR) and the Egyptian Ethylene and Derivatives Company, and we are considering a capital increase for companies Alexandria Mineral Oils Co., MIDOR, and Misr Fertilizers Production Company," he added.

El Molla did not detail any of the other companies or the possible date and value of the initial public offerings (IPOs) on the Egyptian Exchange (EGX). A subsequent statement from the presidency clarified and noted that the IPOs would occur prior to the end of the current fiscal year.

International Monetary Fund (IMF) envoys allegedly sought to list state-run firms on the EGX during talks with Egypt officials seeking a US$12 billion, three-year loan. According to Daily News Egypt, sources close to the discussions noted the IMF made the request arguing that the move would help to increase the depth of the Egyptian capital market. This in turn would allow for the application of the capital gains tax as a resource to increase much-needed revenues.

The government last January announced that shares in “successful” state-owned companies and banks will be listed on the EGX such as the National Bank of Egypt, Banque Misr and Arab Contractors. The move was viewed with trepidation by critics worried over a possible wave of privatization for the first time since 2005. Proponents of the plan believe it necessary to attract great investment and prop up the EGX that lost US$5.6 billion in the first nineteen days of 2016.

The EGX on Tuesday rose by 0.6 percent to 7973 points reportedly amid the strengthening of Egypt’s currency on the black market based on news of the possible IMF loan.

By Erwin Cifuentes for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News