Oil shares for sale THE POSSIBILITY to enlist Egyptian petroleum companies in the Egyptian Stock Market was not ruled out this week by Sameh Fahmi, minister of petroleum and mineral resources. No further details have been given on the amount of projected shares, names of companies, the means or the timeframe under consideration. However, suggestions to put shares of some petroleum companies up for public subscription were made as early as 2008. The two most likely candidates at the time were Tharwa Petroleum Company and the Egyptian Petroleum Company for Alkyl Benzene Production (Elab). Established a few years ago, Tharwa is jointly owned by the Egyptian General Petroleum Corporation (EGPC), the Egyptian Holding Company for Natural Gas (EGAS), Ganoupe Al-Wadi Petroleum Holding (Ganope), the Ministry of Finance and the National Investment Bank. The company has three affiliate entities, namely Tharwa-Prida, which specialises in manufacturing and assembling drilling rigs, Sino Tharwa, a partner with the Chinese drilling pioneer SINOPEC Company, and the Egyptian Company for Rigs Manufacture. Located in the Alexandria Free Zone Area, Elab specialises in the production of the raw materials used for producing industrial cleansings. There had also been talk of making a public offering of some of the shares of the Middle East Oil Refining Company (Midor). Further, the government disclosed its intention to sell 65 per cent of the Alexandria Minerals Oil Company (Amoc) and the Sidi Kreir Petroleum Company to a strategic investor. SMEs sorted out A TOUGH but vital task will soon be performed by the Central Bank of Egypt (CBE) and the Central Agency for Public Mobilisation and Statistics (CAPMAS). Early this week, the two entities signed a cooperation agreement by virtue of which a comprehensive survey and listing of all small and medium-size enterprises (SMEs) in the country will be conducted. A model survey will be first performed in the Delta governorate of Sharqiya. The aim is to establish a comprehensive database on number, activities of, and labour force of SMEs in Egypt as a means to encourage banks to provide needed financial services and facilities to develop this vital economic sector. According to a statement made this week by the CBE, the project represents the second phase in an initiative launched by the bank in December 2008 to provide banks with the necessary incentives to become more immersed in the SME sector. Other initiatives include training bankers and raising their skills to provide better financial services to those seeking small loans. Flood forecast A NEW computer-based flash flood warning system proved successful in a pilot test in Nuweiba on the Red Sea coast. No causalities have been reported after last week's flash floods that hit north and south Sinai as well as Upper Egypt. Part of a Belgian-Egyptian project, the early warning system -- in operation for only one month now -- has been developed in close collaboration with Al-Azhar University, the South Sinai Crisis and Disaster Management Centre and the municipality of Nuweiba City. The contract for the pilot area around Nuweiba cost around 800,000 Euros, 70 per cent of which is financed by the European Commission's Life Fund and 30 per cent by Egypt. Interest in the project has increased in other areas around Sinai, especially after last week's flash floods that caused damage to houses, roads and electricity lines, as well as to Sharm El-Sheikh airport.
