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Egypt’s Ministry of Petroleum plans to partially privatize several state-owned oil-related companies. The aim is to raise capital to finance their operations rather than depend on direct financing from the state treasury, which would raise the already high budget deficit.
According to a statement on the Egyptian Stock Exchange (EGX) website, Petroleum Minister Sharif ‘Isma’il has met with EGX chairman Muhammad ‘Umran and agreed to cooperate in restructuring some public sector oil firms to prepare them for a listing. Mr ‘Umran says that as these oil companies, owned by the ministry of petroleum, are financially solid and solvent, floating their shares on the stock market would be attractive for possible investors. Also fresh capital would help to expand their activities, Mr ‘Umran added. (CONTINUED - 698 WORDS)