Full Breakdown
Egypt Launches First Phase of Oil Sector Privatization with Temporary EGX Listings
6/29/2026, 1:29:37 PM
Background and Programme Overview
Egypt’s State Ownership Programme, announced in 2023, seeks to partially privatise more than 30 state-owned enterprises—20 from the public-business sector and 10 from petroleum—under an IMF-backed reform agenda. The objective is to reduce the state’s direct economic role, broaden the investor base, and improve corporate governance.
Key Officials
Deputy Prime Minister for Economic Affairs Hussein Eissa opened the ceremony. Petroleum Minister Karim Badawi presented the petroleum listings. FRA Chair Islam Azzam oversaw regulatory compliance. EGX Chair Omar Radwan highlighted market implications. Assistant to the Prime Minister Hashem El Sayed, head of the State-Owned Companies Unit, reported progress.
Listing Event and Financial Summary
On 28 June 2026, Eissa rang the EGX opening bell as Engineering for the Petroleum and Process Industries (ENPPI), Egyptian Linear Alkyl Benzene Company (ELAB) and Petroleum Marine Services (PMS) received temporary listings. ENPPI’s issued capital is US $357 million (2.856 billion shares at $0.125), ELAB’s is US $210 million (?2.1 billion shares at $0.10), and PMS’s is US $120 million (12 million shares at $10). Together they represent over US $687 million, roughly EGP 35 billion.
Anticipated Economic Impact
The temporary listings bring major petroleum assets to the exchange, diversifying sector coverage and expanding the pool of tradable companies. Market oversight is expected to boost transparency, attract domestic and foreign investors, and provide the firms with broader financing options, thereby supporting Egypt’s growth agenda.
Official Statements & Responses
Eissa called the listings a “milestone” that maximises returns and expands private-sector participation. Badawi described the move as a strategic step to unlock value in national champions. Azzam said adding petroleum firms boosts market diversification. Radwan noted the listings deepen the market and create new investment opportunities. El Sayed highlighted that 20 of the 30 targeted firms have already completed temporary procedures.
Conflicting Reports & Gaps
Sources concur on the capital amounts and listing date, but no timeline has been disclosed for the next phases or the eventual public offerings.
Verbatim Quotes
- “In his remarks, Eissa said the step represents a milestone in the state ownership programme, which aims to maximise returns from public assets, strengthen corporate governance, improve competitiveness, and expand private sector participation.” — Hussein Eissa, Deputy Prime Minister for Economic Affairs
- “He said the three companies are national champions and leaders in their fields, and their listing marks the first stage of a broader plan to offer additional firms.” — Karim Badawi, Minister of Petroleum and Mineral Resources
- “FRA Chairperson Islam Azzam highlighted the importance of adding petroleum companies to the exchange, saying it boosts market diversification.” — Islam Azzam, Chairperson, Financial Regulatory Authority
- “EGX Chairperson Omar Radwan said the listings expand the base of traded companies, deepen the market, and create new investment opportunities, strengthening the exchange’s role in supporting Egypt’s economy.” — Omar Radwan, Chairperson, Egyptian Exchange
Next Steps
The State-Owned Companies Unit will finalise valuations and list additional petroleum firms, moving them from temporary to full listings and further expanding Egypt’s capital market.
