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Tuesday, 5 March 2019

Enppi IPO expected in 1H2019, oil minister says

Enppi IPO to go to market by Ramadan? The initial public offering of petroleum industry contractor Enppi might take place in 1H2019, or as early as before Ramadan begins in May, Oil Minister Tarek El Molla tells Al Shorouk. Public Enterprises Minister Hisham Tawfik told us earlier this week that IPOs of companies that aren’t listed on the EGX, including Enppi, will begin in September. The government plans to sell 25-30% of the company’s shares and will also offer GDRs in London, sources close to the matter had said last month.

Separately, El Molla said Egypt’s natural gas output is expected to reach 7.5 bcf/d by the end of 2019 from 6.8 bcf/d currently, and natural gas exports to reach 2 bcf/d from 1.1 bcf/d currently. Egypt will also achieve self-sufficiency in diesel and gasoline in FY2021-22 and should begin exports in 2022 and 2023 as more refining capacities become operational. Fuel consumption fell by 3% in the past period after subsidy cuts, El Molla said.

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