Egypt's interim prime minister, Hazem el-Beblawi, has asked oil and gas
industry veteran Mohamed Shoeib to serve as Minister of Petroleum and
Mineral Resources, in a bid to tackle the deepening fuel crisis that is
gripping the country, people familiar with the matter said Monday.
Mr. Shoeib, the former chief of the Egyptian Natural Gas
Holding Co., and the current head of the energy division of private
equity firm Citadel Capital, hasn't yet accepted the post, the people
said. He is expected to make a decision later Monday, one of the people
said.
Attempts by the Wall Street Journal to reach Mr. Shoeib and the office of Egypt's interim prime minister were unsuccessful.
"[Mr. Shoeib] is the strongest candidate at the table for the
job. He has decades of experience and he understands the industry inside
out," said an Egyptian official who asked not to be named. "The
government currently needs someone like him who has worked for both the
public and private sectors and can make fast decisions, especially when
we have tough times ahead."
Egypt has been facing a diesel shortage since last year,
leading to rising food costs, long queues at filling stations and
electricity blackouts. It is struggling to complete oil-supply
agreements with Iraq and Libya aimed at easing those shortages, but has
so far been unable to provide acceptable bank guarantees that would
facilitate the flow of oil, people familiar with the talks have said.
The Egyptian government has been short of funds, after
negotiating unsuccessfully with the International Monetary Fund for a
$4.8 billion loan in April. Saudi Arabia and other Gulf Arab governments
pledged last week $12 billion in assistance to shore up the faltering
economy.
Citadel named Mr. Shoeib as head of the investment firm's
energy division in December of 2012. He oversees Citadel's energy
holdings such as Taqa Arabia, the Egyptian Refining Company, and
Tawazon, the firm's solid waste management unit, as well as one of its
investments that imports and distributes natural gas.
Egyptian governments have appointed private-sector individuals
before. Last year, it named Hatem Saleh as industry and foreign trade
minister. He was formerly an executive at Gozour, a food company owned
by Citadel Capital.
Egypt's prime minister, who was appointed after the army
deposed President Mohamed Morsi earlier this month, has said an interim
cabinet is expected to be formed this week to steer the country until
parliamentary and presidential elections are held in early 2014,
according to a timetable laid out by the country's interim president.