pipeline

Egypt’s IPO Pipeline Grows as Cairo Courts Private Capital

Cairo accelerates state asset sales under an IMF plan, targeting up to four major listings by summer 2027.

This article appears in the July/August issue of Global Finance Magazine.

Egypt, Africa’s second-largest economy after South Africa, plans to list up to four state-owned companies on the Egyptian Exchange (EGX), the continent’s largest stock exchange by the number of listed companies, within the next 12 months.

The June 5 announcement is part of Cairo’s $8 billion International Monetary Fund (IMF) reform program and the government’s State Ownership Policy (SOP).

The planned transactions include the sale of a 20% stake in state-owned Misr Life Insurance, which is expected to raise about 14 billion Egyptian pounds (about $277 million). Investment and Foreign Trade Minister Hassan El Khatib said the government also expects more than seven public offerings — including private-sector companies — to reach the market within the next year.

“Over the next 12 months, the priority will be to make it easier for businesses to operate, raise capital, and complete mergers and acquisitions,” El Khatib told Reuters during a London visit.

In October 2024, the government floated shares in United Bank, marking the first state-owned bank listing in years. Since then, the EGX has approved the temporary listing of six additional state-owned enterprises, including Sinai Manganese Company and El Nasr Housing and Development. Officials are also preparing about 10 state-owned petroleum companies, along with firms in other strategic sectors, for future listings.

The drive toward privatization follows reforms introduced in March 2024, when Egypt adopted a flexible exchange-rate regime and allowed the Egyptian pound to float freely, ending the parallel foreign exchange market. In its February review, the IMF said inflation had fallen from a peak of 38% in September 2023 to the low-double-digit range, while Egypt’s net international reserves had risen to about $53 billion, reflecting stronger external buffers.

The reform program targets one of the most state-dominated economies in the Middle East and Africa. According to the IMF, Egypt’s state-owned enterprises account for assets equivalent to about half of the country’s gross domestic product. The government directly owns or controls more than 300 commercial enterprises across sectors, including banking, energy, manufacturing, transport, and telecommunications. The SOP came about in 2023. Subsequent legislative reforms include Law No. 170 of 2025, which established a central framework for the divestment of state assets.

Charles Wachira is a contributing writer based in Kenya.

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Ukrainian citizen charged with Nord Stream gas pipeline attack in 2022

July 2 (UPI) — A Ukrainian national has been charged in Germany in connection with the 2022 bombing of the Nord Stream pipelines bringing natural gas 760 miles via the Baltic Sea from northwestern Russia to Lubmin in northeastern Germany.

Authorities allege the suspect, named only as Serhii K, led and coordinated an operation with seven others to sabotage the $17 billion gas projects on Sept. 26, 2022, according to reports in German media Wednesday. He is also charged with attacking and destroying civilian energy infrastructure and causing an explosion.

Prosecutors said he is the same individual who was detained by Italian authorities in August and extradited to Germany in November.

He denies all wrongdoing.

German prosecutors further allege he was a serving Ukrainian officer and that he and the others, who were also members of the Ukraine military, were “acting on behalf of state bodies in Ukraine” to deprive Moscow of energy revenues from the pipelines to fund its war against Ukraine.

The finger has variously been pointed at Ukraine, along with Britain and the United States, and even Russian itself, but the Federal Public Prosecutor General’s claim the attack was ordered by Kyiv was highly significant because Germany is one of Ukraine’s staunchest allies, providing military aid and political support.

Kyiv , which has always denied involvement, did not immediately respond to the accusation.

Three of the four pipelines were ruptured east of the Danish island of Bornholm in the attack. Nord Stream 1 was shut down at the time due to technical problems.

Nord Stream 2, a subsidiary of the Russian state-run energy giant Gazprom, was completed in September 2021 after being plagued problems including legal wrangles and U.S. sanctions targeting companies party to the project.

However, it never opened because Germany cancelled its certification process shortly before Russia’s full-scale invasion of Ukraine in February 2022 as it moved to wean itself from its reliance on Russian gas.

The project, which would have doubled Nord Stream’s gas capacity to 110 billion cubic meters annually — said by the company to be sufficient to supply to 26 million homes in Europe and critical to efforts to guarantee the European Union’s “security of supply of natural gas.”

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Xi, Putin resurrect Siberia gas pipeline talks but fail to reach deal

Despite a raft of unrelated agreements resulting from talks between President Vladimir Putin (L) and Chinese President Xi Jinping on Wednesday, the pair failed to make progress on a long-planned 1,615 mile second pipeline from Siberia to supply China with natural gas. Photo by Alexander Kazakov/EPA

May 20 (UPI) — Talks between Russian President Vladimir Putin and Chinese President Xi Jinping on Wednesday failed to make progress on a long-planned 1,615-mile pipeline to supply China with an annual 50 billion cubic meters of natural gas from Russia’s Yamal field in Siberia.

The Power of Siberia 2 project negotiations on the final day of Putin’s two-day state visit to Beijing stalled due to differences over the timetable, financing and cost of the gas with Beijing holding out for a price of around 12-13 cents per cubic meter, in line with the cost in the domestic Russian market.

Moscow and Beijing signed a binding contract to develop the project during Putin’s last visit to China in September but left the details to be ironed out down the line.

Russia wants a similar deal to that for Power of Siberia 1, which experts projected would mean the price of the gas would be at least double the 12-13 cents figure.

The talks yielded 20 other trade and technology agreements and while a joint leaders’ statement talked of boosting their “comprehensive partnership” and shared vision “for a multipolar world and a new type of international relations,” the summit produced no breakthroughs of any great significance.

Analysts said the power imbalance in the Sino-Russia relationship — one where Russia needed China more than China needed Russia — was on full display during Putin’s visit.

Putin said that as one of China’s largest energy suppliers, Russia was ready to “reliably” meet fast-growing Chinese demand for oil, gas and coal.

“Russia and China are actively cooperating in the energy sector. Our country is one of the largest exporters of oil, natural gas, including liquefied gas, and coal to China. We are, of course, ready to continue to reliably ensure uninterrupted supplies of all these fuels to the rapidly growing Chinese market,” Putin said in comments that made no reference to the pipeline.

Kremlin spokesman Dmitry Peskov said the sides had “reached an understanding on the project’s main parameters” in Wednesday’s talks but that “some nuances remain to be ironed out.”

Beijing, which is looking to Russia to ameliorate the energy shock from the severe disruption to its supplies of oil and LNG caused by the Iran war and the closure of the Hormuz Strait, has already imported 35% more Russian oil in the January to March quarter than in the same period in 2025.

“Both China and Russia need each other, but Russia clearly needs China more than before at the global stage. Given today’s international environment, deep co-operation with China is extremely important for Russia in dealing with many of its current challenges,” Zheng Runyu, of the Centre for Russian Studies in Shanghai, told the BBC.

Wreathes are seen amongst the statues at the Korean War Veterans Memorial during Memorial Day weekend in Washington on May 27, 2023. Memorial Day, which honors U.S. military personnel who died while in service, is held on the last Monday of May. Photo by Bonnie Cash/UPI | License Photo

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