McKinsey & Company, Ernst & Young, Navigant Consulting, PwC competing over EGPC restructuring agreement

Global consultancies shortlisted for EGPC restructuring job: McKinsey & Company, Ernst & Young, Navigant Consulting and PricewaterhouseCoopers have been shortlisted to consult on the restructuring of the Egyptian General Petroleum Company (EGPC), unidentified sources tell Al Borsa. The mandate encompasses creating strategy on everything from lifting of fuel subsidies and increasing transparency to setting a plan for debt repayment. The firms are due to present final proposals by mid-March and will see their consulting fees defrayed by the World Bank, the newspaper suggests. The restructuring of EGPC is one of the targets that last month’s IMF staff report said is on the government’s to-do list as part of its USD 12 bn agreement.