Egypt's Oil Minister Sherif Haddara on Monday reshuffled several officials at the top of state-owned companies in the energy sector in a bid to tackle the deepening fuel crisis that is gripping the country.
Egypt
's Oil
Minister Sherif Haddara on Monday reshuffled several officials at the top of
state-owned companies in the energy sector in a bid to tackle the deepening
fuel crisis that is gripping the country.
The move is aimed at "improving the performance of the petroleum sector,
and giving it a push to cope with the demands of the current situation [in the
country]," the ministry said in a statement posted on its website.
Egypt
has
faced a chronic natural gas and diesel shortage since last year, which has
pushed up food costs, seen long lines at filling stations and electricity
blackouts. The problems have deepened popular discontent with
Egypt
's
ruling Islamist government and exacerbated broader economic difficulties there.
Among the key management changes, Taher Abdel Reheem, the deputy chairman for
production at Egyptian Natural Gas Holding Co., or EGAS, was appointed the
chairman of
Egypt
's
main gas company. He replaces Sherif Sousa, who becomes undersecretary for gas
affairs at the petroleum ministry.
A further eight state-owned firms saw senior management changes including Gulf
of Suez Petroleum Co. and Suez Oil Co., the statement added.
The move also comes at a time when the country is involved in critical talks to
negotiate oil and gas deals with its neighbors.
The country is talks with gas-rich
Qatar
to
supply about 13 cargoes of liquefied natural gas, or LNG, to the overseas
customers of two companies currently exporting gas from
Egypt
--BG
Group PLC (BG.LN) and
Malaysia
's
Petroliam Nasional Bhd, or Petronas. Those companies would in turn would supply
an extra 500 million cubic feet a day of domestically produced natural gas,
which would otherwise have been exported, to
Egypt
's
government.
Egypt
is
also struggling to complete oil-supply agreements with
Iraq
and
Libya
aimed
at easing diesel shortages. The country has been unable to provide acceptable
bank guarantees that would facilitate the flow of oil, people familiar with the
talks have said. The Egyptian government is short of funds and has been
negotiating with the International Monetary Fund for a $4.8 billion loan, which
analysts and investors say is critical for the country. However, IMF officials
left
Cairo
in
April without agreeing on the terms of the loan.
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