According to Okasha, the signing of this agreement comes within the framework of the NBE's efforts and support of the oil sector in Egypt, represented by the EGPC
and oil sector companies in Egypt, especially in major national projects that have a direct impact on the national economy.
is thus responsible for the full-scale development and exploitation of Egypt's petroleum resources, and for ensuring the supply of various refined petroleum products within Egypt, subject to the direct oversight of the Egyptian Ministry of Petroleum.
Mulla was replaced as EGPC
Chairman by Muhammad al-Masry.
is in talks with foreign lenders such as Citi , JP Morgan and Morgan Stanley via the National Bank of Egypt .
Top oil officials have been changed a number of times since Egypt's revolution, and this is the third switch at EGPC
since the start of the year.
Tarek El Molla, who is vice-chairman for foreign trade, will carry out the duties of chairman of EGPC
," a ministry statement said.
official confirmed the TransGlobe and Shell awards and added that RWE, Apache Corp, Dana Petroleum and Greece's Vegas were also awarded one block each.
SIGNIFICANCE Alongside its existing debt obligations, EGPC
is paying out in excess of $1 billion per month on oil product imports at a time when it cannot recoup the cost of domestic sales due to low prices that see gasoline sold at a rate of under $0.
No one at EGPC
was available for official comment on Wednesday and Thursday.
The agreement reinforces the cooperation between Eni, the Ministry of Petroleum and the two Egyptian state oil and gas companies EGPC
was established in 1962 as an evolution from the General Petroleum Authority, which was created in 1956.
Under the terms of the accord, Union Fenosa may revise the volume of its natural gas purchases from EGPC
upwards and will also build a gas liquefaction plant in Egypt, involving an investment of one billion Dollars.