Story perspectives

Egypt Lists Three State Oil Firms, Launches Privatization Phase

6/29/2026

Summary

Egypt Privatizes Oil

Egypt listed three state-owned petroleum firms—ENPPI, ELAB and PMS—on the Egyptian Exchange, beginning the first phase of privatization.
Independent advisers valued ENPPI at $357 million, ELAB at $210 million and PMS at $120 million.
Minister Karim Badawi said the firms were chosen for strong finances, operations and growth prospects.
Deputy Prime Minister Hussein Eissa said the temporary listing broadens private-sector participation, adds governance and transparency, and will be followed by more petroleum firms.

Summary

Eissa Rings Bell

Deputy Prime Minister Hussein Eissa rang the EGX opening bell for the listings ceremony.
EGX Chair Omar Radwan said the listings broaden the exchange, deepen the market and create opportunities.
Deputy Prime Minister Hussein Eissa said the listings enforce transparency, add oversight and aim to boost investor confidence.
Financial Regulatory Authority (FRA) Chair Islam Azzam said adding petroleum firms diversifies the market, prompting the authority to uphold disclosure and governance.

History

Historical Context

Egypt’s modern stock market began with the 1992 Capital Market Law No. 95, which created the Egyptian Exchange and listed 70 firms, sparking a 15 % market-cap rise in its first year. Now Minister Hussein Eissa and EGX Chair Omar Radwan are adding ENPPI, ELAB and PMS, echoing the 1992 privatization push and aiming to deepen liquidity and attract foreign investors.

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Egypt Privatizes Oil

Egypt listed three state-owned petroleum firms—ENPPI, ELAB and PMS—on the Egyptian Exchange, beginning the first phase of privatization.
Independent advisers valued ENPPI at $357 million, ELAB at $210 million and PMS at $120 million.
Minister Karim Badawi said the firms were chosen for strong finances, operations and growth prospects.
Deputy Prime Minister Hussein Eissa said the temporary listing broadens private-sector participation, adds governance and transparency, and will be followed by more petroleum firms.

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