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Egyptian government to announce

details of 2023 asset sales soon

EGYPT THE Egyptian government will announce El Dokany also named companies already
within two weeks details of the privatisation listed on the bourse that are to increase their
programmes for state-owned enterprises market float. The list includes: Alexandria Min-
through the bourse for the current year 2023, eral Oils Co., Housing and Development Bank,
media sources quoted Prime Minister Mostafa E-Finance for Financial Investments, Madinet
Madbouly as saying. Nasr Housing and Development, Heliopolis
Earlier this year, Ramy El Dokany, chairman Housing and Development, Misr Aluminium,
of the Egyptian Stock Exchange, listed a total Sidi Krier Petrochemicals, Abu Qir Fertilisers,
of 23 state-owned companies whose shares Alexandria Containers and Handling, and
are slated for privatisation either through ini- Methanex Corp. ™
tial public offerings (IPOs) or increasing their
market float, and are expected to raise EGP80bn
($2.67bn) for the treasury.
In statements made to Amwal Al Ghad, a
financial newspaper, he put the figure for com-
panies that will increase their float on the mar-
ket at nine, with the government selling between
15-20% of their current equity.
El Dokany put forward four state-owned
companies that he described as ready for imme-
diate privatisation through an IPO process,
namely: Banque du Caire, Misr Life Insurance,
Egyptian Drilling Company, and Egyptian Lin-
ear Alkyl Benzene.
Among firms mentioned as prime candi-
dates for a bourse listing then to be sold in an
IPO, large entities representing diverse eco-
nomic segments stood-out, including Bank of
Alexandria, Misr Insurance, ENPI and Assiut One of the assets that may be sold is Assiut Oil Refining Co., shown here
Oil Refining, MIDOR and Ethydco. in October 2021 (Photo: Egypt Ministry of Petroleum and Mineral Resources)

Italian PM Meloni signs

$8bn gas deal with Libya

LIBYA ITALIAN Prime Minister Giorgia Meloni Minister Antonio Tajani.
arrived in Libya on January 28 to sign a natural The Italian delegation met with the head of
gas supply deal with the state-owned oil com- Libya’s Government of National Unity (GNU),
pany, after visiting Algeria last week for the same Abdulhamid Dbeibah, to sign an $8bn gas pro-
purpose. duction deal with Libya’s state-owned National
Africa is seen as vital to help Italy replace the Oil Corp. (NOC).
dwindling supplies of Russian gas. The trips are The deal, which reportedly has a term of 25
part of her “Piano Mattei” strategy, which will years, aims to provide NOC with Eni’s technical
likely see Meloni travelling to other countries on know-how and logistical support to increase
the continent in the coming months to seek new production for the domestic market, as well
energy deals. as boosting exports to Italy. The document
In Libya, Meloni was accompanied by Clau- includes plans for the development of two new
dio Descalzi, the CEO of Italy’s Eni, who also offshore gas fields and reflects Italy’s novel ambi-
travelled with her to Algeria, and Italian Foreign tion to become a European hub for African gas.

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