Egypt expects to raise US$150mn from the IPO of ENPPI - OIL REVIEW AFRICA

Wednesday, 21 June 2017 06:05

With an aim to raise US$150mn from an initial public offering (IPO), Egyptian government plans to sell 24 per cent stake of the state-owned Engineering for the Petroleum and Process Industries (ENPPI) on the domestic equity market

Egypt is looking forward to make this IPO programme successful to add value to the country’s economic development.

Privately managed NI Capital, Egypt’s state-owned financial consultancy, will evaluate the fair value of ENPPI before the end of 2017.

Ashraf Ghazaly, CEO of NI Capital, said that it expects to raise between US$100mn-US$150mn from the ENPPI’s IPO.

Smaller companies could miss out on IOC payments; all IOCs to be paid by 2019 - ENTERPRISE

Thursday, 18 May 2017

Smaller oil and gas operators may miss out on the second wave of payments to international oil companies (IOCs) the central bank is planning on dishing out, LeAnne Graves writes for The National. Governor Tarek Amer had said Egypt had made a payment of USD 750 mn to IOCs and will make a similar payment by 1 June. With both payments, Egypt’s arrears to IOCs would be brought down to USD 1.5 bn. “One small operator in Egypt, pumping about 10,000 barrels of oil per day, said payments from the government came in [EGP] with a ‘dribble of [USD]’. The executive, who asked not to be named, said some vendors were taking [EGP], but the firm didn’t have enough to pay anyone who wanted [USD],” Graves writes. Allen Sandeep at Naeem’s research arm expects “the amounts that would be paid per IOC would be proportionate to their part of the total outstanding amount of [USD 3.5 bn] as a whole.”

Egypt paid $750 mln in oil company arrears, to pay same in June - REUTERS

Tue May 16, 2017 | 1:31pm EDT

Additional reporting by Omar Fahmy; Writing by Eric Knecht; Editing by Mark Trevelyan

Egypt has paid off $750 million of its debt to international oil companies and will make a second payment of the same amount at the start of next month, Central Bank Governor Tarek Amer said on Tuesday.

Egypt has struggled to pay arrears to foreign oil and gas companies operating in the country, with outstanding debt at $3.5 billion before the latest payment.

"Today $750 million was paid to international oil companies and another $750 million will be paid on June 1, meaning that there is $1.5 billion the government has committed to pay to the international companies," Amer told a news conference.

The payments are the first since Egypt paid about $100 million in the last quarter of 2016.