The European Bank for Reconstruction and Development (EBRD) has received a request from the Egyptian Ministry of Petroleum and Mineral Resource to provide technical assistance, supporting the new structure of the oil and gas sector, Egypt Oil & Gas reports.
The assignment is expected to start during the second quarter of 2018 and last for four months, with maximum budget estimated at around $555,730.
The bank’s support will be focused on processing redesign areas, which aim at improving performance, business practices, and transparency.
The Egyptian oil and gas sector needs to be restructured in order to align with international optimal practices, as the current structure is not. Thus, the ministry launched the Modernization Program.
EBRD will contact a consulting company to help in the implementation of the new structure through remaping workflows in the sector’s new entities, with special focus on developing their governance, integration, accountability and transparency.