EGPCEgyptian General Petroleum Corporation
EGPCElectronic Government Purchase Card (US DoD)
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The company denied not disclosing negative news to the Egyptian Exchange (EGX) and reiterated that the ERC refinery is currently operating and is supplying petroleum products to EGPC. 'ERC is selling the Pet coke resulting from the production process to leading local cement companies,' the statement added.
A source in the petroleum sector told Daily News Egypt that EGPC is currently planning the areas to be included in the tender.
Eni, through its subsidiary IEOC, holds a 50 per cent interest in South West Meleiha while EGPC holds the remaining 50 per cent.
The petroleum sector was re-structured in 2001-03 so that, under the ministry, three specialised entities were created to function in parallel with EGPC: Egas, Echem, and Ganope - the latter being in charge of petroleum operations in Upper Egypt of the country's south.
The first step to establishing a petrochemical industry was taken in 1979, with an agreement between EGPC and Montedison of Italy to build a complex at Ameriya.
Through its various subsidiaries, EGPC engages in all aspects of the petroleum industry.
Isma'il was replaced as Petroleum Minister by EGPC's Chairman Tareq al-Mulla.
EGPC had accumulated $6.3 billion in outstanding arrears, of which $1.5 billion was paid back in December 2013.
"Tarek El Molla, who is vice-chairman for foreign trade, will carry out the duties of chairman of EGPC," a ministry statement said.
In a previous interview, Petroleum Minister Abdullah Al-Ghorab had reportedly also spoken about restructuring the wider oil and gas sector, with upstream activity focused on EGPC, which would become a one-stop shop for upstream, and Egyptian Natural Gas Holding Company (Egas) responsible for gas projects and downstream.
A spokesman for Egypt's oil ministry declined to comment and asked for queries to be directed to EGPC. No one at EGPC was available for official comment on Wednesday and Thursday.