Cash-strapped Egypt is considering initial public offerings for some of its state-owned
energy firms to help boost its hydrocarbon output, as the country struggles to
pay debt owed to its foreign energy partners, investment minister Osama Saleh
said in an interview with Sada el-Balad Television.
"I have already talked with the oil minister about listing some of the
major oil companies on the stock exchange as they are very successful and
trusted by Egyptians," Mr. Saleh told the Egyptian channel.
We will soon start to study the plan, which would bring in new money for
companies, he added without giving a timeframe.
Egypt has been paying hefty premiums for its crude supplies due to the weaker
Egyptian pound and is struggling to pay its debt of between $5 billion and $7
billion to foreign energy companies for the oil and gas it has bought from
them.
The country has also been facing a diesel shortage since last year, leading to
rising food costs, long lines at filling stations and electricity blackouts
that precipitated the downfall of the nation's first democratically elected
president.
The oil ministry said Sunday it was working on a timetable for repaying debts
owed to foreign oil firms operating in the country, in a bid to encourage more
investments in the energy sector.