Egypt launches first phase of oil sector privatization with three firms listed on EGX

The Egyptian cabinet announced that three state‑owned petroleum companies – Engineering for Petroleum and Chemical Industries (ENPPI), Egyptian Linear Alkyl Benzene Company (ELAB) and Petroleum Marine Services (PMS) – will be listed on the Egyptian Exchange (EGX), marking the start of the first phase of the government’s privatization programme. Minister of Petroleum and Mineral Resources Karim Badawi said the listings aim to "maximize the valuation of state assets, broaden the ownership base and increase the private sector’s contribution to the economy," and described the selected firms as "successful models with strong financial positions and promising growth opportunities."

The move is part of a broader economic reform agenda tied to the International Monetary Fund programme, which seeks to liberalise the economy, reduce the state’s role in commercial activities and attract foreign investment. Earlier in the reform drive, over 30 state‑owned entities across energy, banking and other sectors were sold or listed. The government hopes the new listings will boost investor confidence amid an economic crisis marked by high inflation, foreign‑currency shortages and elevated external debt.