The Cabinet endorsed the privatization of Electricitי du Liban (EDL)through a three-phase process.
The first phase will see EDL transformed into a shareholding company and its management transferred through international tenders to a private firm for a three-year period.
In turn, the firm will be asked to acquire a minority stake of no more than 10 percent and become a strategic partner.
The second phase will witness the permanent privatization of EDL’s administration and the partial sell-off of ownership. The full privatization will take place in the third and final phase.
Energy &Hydraulic Resources Minister Mohamad Youssef Beydoun said that part of EDL’s capital will be initially listed on the Beirut Stock Exchange, with the full privatization taking place preferably through the bourse rather through a direct sell-off to private investors.
He added that EDL’s privatization will be highly transparent and all legal measures and procedures would be ready later this year.
In parallel,United States Ambassador David
Satterfield expressed the interest of American companies in the privatization of the Lebanese
energy sector.
© 2001 Mena Report (www.menareport.com)
