McKinsey & Co. to advise on EGPC restructuring

We love the smell of fees in the morning: McKinsey & Company has been tapped to advise the government on the restructuring of the EGPC and its subsidiaries, beating out Ernst & Young, Navigant, and a PwC and Logic Consultancy partnership, sources told Al Borsa on Tuesday. It will take a year to put together the restructuring plan, which will be funded by the World Bank and Petroleum Ministry, the sources added. The plan will include an updated strategy for fuel subsidies, transparency and accountability procedures, and debt repayment scheduling.