Egypt to offer stakes in state-owned petrochemicals within 2 months: Minister

Ahram Online , Friday 6 Oct 2023

The government will offer shares in state-owned petrochemical companies and Wataniya fuel stations in the next two months, stated Minister of Petroleum and Mineral Resources Tarek El-Molla.

Wataniya fuel station.
Wataniya fuel station. Company s website.


Emirati companies and investment funds are bidding for stakes in state-owned companies in petrochemicals, El-Molla added during an interview with the Emirates News Agency (WAM) on the sidelines of the international energy exhibition ADIPEC 2023.

Wataniya Petroleum, a company owned by the Egyptian Army's National Service Projects Organization (NSPO), has been split by the government, with a new entity taking 174 of Wataniya's 300 fuel plants.

The government is currently considering four purchase offers for the company, out of eight submitted.

The Egyptian government plans to bring in $5 billion from the sale of power plants and state-owned companies between October 2023 and the end of June 2024.

The government plans to offer stakes in 35 state-owned companies to strategic investors by the end of June 2024, under the State Ownership Policy Document.  A list of 32 companies was released in February 2023 and three companies were added to it later this year; Eastern Company, El-Ezz Dekhila, and Telecom Egypt

The privatization programme is part of Egypt's commitments under its $3 billion loan programme with the International Monetary Fund (IMF).

However, the IMF loan deal is facing challenges as the first review, originally scheduled to be completed by 15 March, has not yet been conducted.   

With a total external debt of $165.3 billion, Egypt is required to pay $71.6 billion in debt service in the coming three years, including $29.23 billion in 2024.

ADIPEC, taking place in Abu Dhabi from 2-5 October 2023 under the theme ‘Decarbonising. Faster. Together.’, is an international exhibition bringing together the ideas, technology and capital needed to accelerate urgent, collective and responsible action to decarbonize and future-proof our energy system.

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