Josef is a young man who joined the family business and he certainly isn't a miner/geologist like his dad although he certainly understands the business given his experience growing up with a dad passionate with developing the Egyptian resource. Life of mine 20 plus years and he will still be a young man. Background Commerce and stock brokering who knows but if I was him I would be looking at the future with diversification for a young family. I don't have any problems with him selling some of his shares, just wish I knew where he is investing.
Egypt’s state oil firm, the Egyptian General Petroleum Corporation (EGPC), is eyeing four major global consulting firms for the development of a medium-term reform strategy for the Ministry of Petroleum.
McKinsey & Company, Ernst & Young, Navigant Consulting and PricewaterhouseCoopers have been shortlisted for the tender, with the firms expected to submit their proposals by mid-March 2017.
The scope of work will include oil subsidization, operational reform and arrears management strategy development. It has already been agreed that the World Bank will fund the services of the successful bidder on behalf of the Egyptian government.
The tender is being held as a part of the government’s $US 12 billion, three-year loan deal with the IMF and in alignment with the IMF’s reform program. The IMF’s reform program considers energy subsidy reforms a key driver for freeing up resources to face high government deficit and public debt along with exchange rate liberalization, value-added tax implementation and better control over the public sector wage bill.
Personally I think that its perfectly normal after all the years that it's taken Josef to get this project to where it is now 15+ years, and putting in all the family silver to eventually reward himself a bit for all his hard work. Let's face it how many of us wouldn't have taken some profit by now.
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