Engineering for the Petroleum & Process Industries (Enppi) asked the Egyptian Ministry of International Cooperation for help in securing foreign funds. An official with Enppi stated that the company is planning to enter the exploration market to benefit from Egypt’s petroleum wealth and replace foreign companies. However, Ennpi is struggling to compete with global organizations as they have the ability to sustain foreign funding that enable them to expand in different projects, reported Al Mal News.
The company will not specify the exact sums of foreign amounts until talks with the ministry of international cooperation conclude. Once Enppi and the ministry reach an agreement, they will start to reach out to foreign financing institutions.
In related news, the Egyptian ministry of Petroleum and Mineral Resources held a meeting with officials from Enppi to discuss the company’s readiness for an initial public offering (IPO) during phase II of the government’s initiative to privatize some state-owned petroleum firms.