Egypt to Offer State-Owned Chillout Fuel Stations Under IPO ProgrammeSource: www.export-egypt.com 12/3/2023, Location: Africa |
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Egypt is ramping up restructuring efforts with the sale of ChillOut fuel stations to the private sector as part of the country's IPO programme, Hala El-Said, Minister of Planning and Economic Development, said.
ChillOut's offering is expected to take place following the completion of a deal to sell state-owned petrochemical companies and Wataniya fuel stations, El-Said revealed during an interview with Asharq Business on the sidelines of the 2023 United Nations Climate Change Conference (COP28) held in Dubai. Wataniya, one of two chains of fueling stations owned by the Egyptian Army's National Service Projects Organization (NSPO), has been divided by the government, with a new entity taking 174 of Wataniya's 300 fuel plants. The other chain, ChillOut, is owned separately by the NSPO through its subsidiary, the National Company for Roads. El-Said acknowledged that the sale of Wataniya will be delayed a few weeks beyond its scheduled date at the end of December. This is not the first postponement, with the most recent delay being announced by El-Said last October. The IPO programme in general, launched in February, has seen many delays. Wataniya Petroleum is one of 35 key state-owned companies in which the government plans to offer stakes to strategic investors by the end of June 2024, as outlined in the State Ownership Policy Document. This privatisation programme is a crucial commitment of Egypt under its $3 billion loan programme with the International Monetary Fund (IMF). While the country was slated to receive two more tranches from the loan in March and September of this year, these were delayed due to delays in the IPO programme's implementation. The Egyptian government aims to generate $5 billion through the sale of power plants and state-owned companies between October 2023 and the end of June 2024. |
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