Engineering for the Petroleum and Process Industries (Enppi) will offer a 24% stake of the company on the Egyptian Exchange (EGX) by the end of the year, according to its head, Mohamed Hat’hout.
The Ministry of Investment is seeking to use the partial offering of some state-run companies on the Egyptian Exchange to attract foreign indirect investments, as part of a five-year IPO plan to stimulate investments.
Enppi is establishing two oil platforms for the Egyptian General Petroleum Corporation (EGPC) and completed two projects for the production of ethylene and polyethylene for the Egyptian Ethylene and Derivatives Company (Ethydco).
Enppi also completed the establishment of a gas recovery and liquefied petroleum gas extraction unit at the Assiut Refining Plant, and projects to increase the capacities of Midor Refinery and Taurus and Libra fields for Brulus Gas Company (BGC).
The company also implemented projects outside Egypt, including the development of the southern Yanbu Port in Saudi Arabia and the fuel loading and unloading system for Saudi Aramco.
Enppi earlier signed 62 agreements to develop several projects, of which three projects, worth EGP 4.2bn, were outside Egypt.