Energy sector shake up in Egypt
CAIRO, April 7, 2016 – Tarek El Molla, Egypt’s minister of petroleum, announced a host of new oil and gas appointments on Thursday, replacing the CEOs of state companies Egypt General Petroleum Corporation (EGPC) and Egyptian Natural Gas (EGAS).
Appointed as head of EGPC in October 2015, Mohamed El Masry will be transferred to EGAS, where he previously oversaw operations and networks as deputy head. He replaces Khaled Abdel Badie. El Masry was preceded by El Molla himself, who was in charge of EPGC until September 2015, when he was named minister. Tarek El Hadidi will take over as CEO of EGPC.
The appointments come in the wake of an announcement by the Ministry of Petroleum on Wednesday that Egypt’s outstanding debt to foreign oil companies operating in the country has grown by USD 200 million over the past three months to reach USD 3.2 billion.
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