Egypt set to sell off stakes in energy firms

Oct 16, 2004 02:00 AM

Egypt's government is set to sell stakes in eight oil and gas companies to private investors, an official at Egypt's Ministry of Investment said. The offered government's shares are in Alexandria Mineral Oil, Alexandria Petroleum Products, Sidi Krir Petrochemicals, Alexandria National Company for Refining and Petrochemicals, Town Gas, Car Gas, Gastec, and Egypt Gas.
"We have set a timetable for those companies. We will first offer Alexandria Mineral Oil Co. and Alexandria Petroleum Products Co. by the end of the year," the official said.

Alexandria Mineral Oil is 100 %-held by government-owned institutions while Alexandria Petroleum Products is almost 90 % similarly owned and Sidi Krir Petrochemicals is 97 %. The government decided to sell its stakes in those companies in private placements instead of issuing initial public offerings.
"Selling oil companies is different than selling other companies. Well- experienced investors will never compromise on the quality of materials or serviceswhether the company is export-oriented or local gas distribution companies," an official at Egypt's Oil Ministry said.

Some of the offered companies like Alexandria Mineral Oil, Alexandria Petroleum Products, Sidi Krir Petrochemicals, Alexandria National Company for Refining and Petrochemicals are already exporting petroleum products.
In an attempt to spur the country's sluggish economy, the Egyptian government announced the resuming of its privatisation program.

Source: Dow Jones
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