The Ministry of Petroleum and Mineral Resources introduced a list including eight petroleum and petrochemical companies to the Ministry of Investment and ICapital—a National Investment Bank company and coordinator of the IPOs programme—to be in charge of offering part of their shares or increasing their capitals through the Egyptian Exchange (EGX). Minister of Petroleum Tarek El Molla told Daily News Egypt that they will complete the evaluation of the companies and their offering, and then determine the timing of the initial public offering (IPO) in the stock exchange, which will be traded in November. He added that the IPO for oil companies will also be held in international stock exchanges, which will be determined by the assessment party for each company separately. El Molla said in a previous statement that the list includes two companies, The Middle East Oil Refinery company (MEDOR) and Ethydco, to be initially offered in the stock market. ICapital will start evaluating these two companies in preparation for an IPO of 20%. The three other companies are SIDPEC, AMOC, and MOPCO, for which the ministry intends to expand its ownership base by increasing the offered share by 20% He explained that these five companies are the first phase, and the second phase will include other companies. The MEDOR ownership structure will be distributed as so: 78% to the Egyptian General Petroleum Corporation (EGPC), 10% to the Engineering Petroleum Process Industries (Enppi), 10% to Petrojet, and 2% to the Suez Canal Bank. The Ministry of Investment started holding meetings in August to with representatives of the Ministry of Petroleum to list the ready companies for offering. The IPO programme includes electricity companies and a source at the Ministry of Electricity said that the ministry will submit four companies for electricity production for an IPO.
