Downstream Privatization Plan

Oil Minister Tarek El Molla says Egypt is eying the privatization of several downstream firms including Ethydco, 100,000 b/d refiner Midor (set for expansion to 160,000 b/d) and fertilizers firm Mopco.

“We sent the names of eight petroleum firms to the Ministry of Investment last week, paving the way to issuing some of their shares on the bourse or increasing their capital,” he told Reuters. Last month Egypt said it was also considering the privatization of state banks (MEES, 29 July).

Meanwhile, Egyptian private investor Carbon Holdings has appointed France’s Société Générale as financial advisor for raising $5bn for the Tahrir Petrochemical complex, which is being developed at Ain Sukhna on Egypt’s western Gulf of Suez coast. The petroleum ministry estimates the total cost of the project at $7.4bn. (CONTINUED - 190 WORDS)