- Candriam 2025 Outlook: Is China Really Better Prepared for Trump 2.0?
- Bank of England pauses rates – and the market expects it to last
- Emerging Market Debt outlook 2025: Alaa Bushehri, BNP Paribas Asset Management
- BOUTIQUE MANAGERS WORLDWIDE SEE PROLIFERATION OF RISKS, OPPORTUNITIES IN 2025
- Market report: Storm of disappointing developments keep investors cautious
Egypt’s Midor refinery seeks $400 million via IPO
CAIRO (Reuters) – Egypt’s state-owned Middle East Oil Refinery (Midor) seeks to raise $400 million with an initial public offering (IPO) in the last quarter of 2015, three sources with direct knowledge of the process said on Tuesday.
Midor, Egypt’s largest oil refinery, plans to expand its output during the next two years. It provides around 25 percent of the petroleum products consumed by the local market.
It is not yet known whether the IPO will be denominated in U.S dollars or Egyptian pounds.
“The IPO will involve issuing new stocks to increase the company’s capital which stands now at $1.1 billion,” a source said.
The Midor refinery, which is based in the coastal city of Alexandria, is expected to increase its capacity to 160,000 barrels per day (bpd) by end-2017 from 100,000 bpd now.