The Egyptian ministry of Petroleum and Mineral Resources had a meeting with officials from the Engineering for the Petroleum & Process Industries (Enppi) to discuss its readiness for an initial public offering (IPO) in phase II of the government’s initiative to privatize some state-owned petroleum firms, reported Al Borsa News.

IPO will include the Middle East Oil Refinery Company (MIDOR), the Egyptian Ethylene and Derivatives Company (ETHYDCO), Alexandria Mineral Oils Company (AMOC), Sidi Kerir Petrochemicals company (Sidpec), and Misr Fertilizers Production Company (MOPCO).

Sources with the Egyptian government stated once Enppi’s board of directors approve the IPO, the company’s shares will be available for purchase thru the Egyptian stock market.

The IPO in the state firms aims to collect up to $10b within three to five years.  An IPO for utility companies, such as electricity, are expected  launched at a later stage.

Egyptian Minister of Investment, Dalia Khorshid stated that the government is studying which companies will participate in the program, and will pick local and international investment banks to advise on the offerings.