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Thursday, 25 May 2017

The man reviving Egypt’s fortunes

The man reviving Egypt’s fortunes: Oil and gas news outlet Upstream is running a glowing piece on Oil Minister Tarek El Molla, which it credits with the resurgence in Egypt’s energy sector. Beginning with his tenure as head of the EGPC and now as Oil Minister, El Molla has made repaying arrears owed to international oil companies a priority, a crucial factor which retained key investments. The magazine credits this policy, coupled with incentives such as the introduction of a generous gas price for costly offshore developments, with a series of landmark events in the revival of the industry, including BP kickstarting their West Nile Delta project and Eni’s exploration endeavors which led to the discovery of Zohr. Upstream’s profile tracks his career from Chevron where he developed his strategic planning chomps and finding his kindred spirit in current Prime Minister Sherif Ismail, who has also been a champion of reforming the sector. (The story is behind a paywall, but you get one read without charge if you choose to register with them.)

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