Egypt announced this Sunday the listing of three new public oil companies on the Egyptian Exchange (EGX), marking the first phase of the Egyptian government’s privatization program for the sector, according to the Council of Ministers.

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In a statement, the Cabinet reported that the Minister of Petroleum and Mineral Resources, Karim Badawi, confirmed that the listing of the companies represents “the beginning of the first phase of the sector’s privatization program,” which in turn is part of the “government privatization program” agreed upon with the International Monetary Fund (IMF).

The companies in question are Egyptian Linear Alkyl Benzene Company (ELAB), with an issued capital of 210 million dollars; Petroleum Marine Services (PMS), with 120 million dollars; and Engineering for Petroleum and Chemical Industries (ENPPI), which has the largest capital, issuing 357 million.

The objective of this step “is to maximize the utilization of state assets, expand the ownership base, and increase the private sector’s contribution to the Egyptian economy,” indicated the note that includes Badawi’s speech today at the inaugural session of the Stock Exchange.

Minister of Petroleum Karim Badawi announced that preliminary listing of 3 petroleum sector companies on the Egyptian Exchange marks the official launch of the 1st phase of the sector’s IPO program under Egypt’s State Ownership Program. For more details https://t.co/Hgj4DlZvqy pic.twitter.com/GhZzB0bA2i

— State Info. Service (@SISEGY) June 28, 2026

The minister confirmed that the selection of ENPPI, PMS, and ELAB companies came after “a thorough study, as they are successful models with an outstanding operational and financial track record, and reflect the efficiency and competitiveness achieved by the oil sector.”

These companies also “enjoy a solid financial position and promising growth opportunities, which makes them ideal for attracting investors and achieving sustainable added value,” added the official.

He detailed that “the initial listing is a strategic step that precedes the offering of percentages of company shares for trading on the EGX, after the completion of the financial evaluation work carried out by an independent and certified financial consultant to determine the fair value of each.”

Finally, he assured that the ministry “is simultaneously proceeding to complete the necessary procedures to list and offer another group of companies in the oil sector during the next phase, which will improve the efficiency in the utilization of assets and expand the investor base.”

The Egyptian privatization plan is part of the commitments made with the IMF to liberalize the economy and reduce the state’s weight, which the country has promoted by selling stakes in state-owned companies and giving more weight to the private sector.

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