El Molla, Shaker to Sign a Protocol to Adjust Debts

El Molla, Shaker to Sign a Protocol to Adjust Debts

The Minister of Petroleum and Mineral Resources, Tarek El Molla, agreed with the Minister of Electricity and Renewable Energy, Mohamed Shaker, to sign a protocol that aims at settling both ministries’ debts and adopting a method for future transactions in a manner that ensures avoiding any financial accumulations or new arrears, according to a statement by the Cabinet.

This came during a meeting held by the Prime Minister, Mostafa Madboul,y to discuss the procedures of resolving financial problems between the Ministries of Petroleum, Electricity and Public Business Sector.

Madbouly began the meeting asserting that the government continues to seek to end the financial interconnection that has been piling for a long time.

The meeting also reviewed ways of resolving financial tangles between the ministries of petroleum and the public business sector, indicating that an agreement was signed between the two parties, whereby companies affiliated to the Ministry of Public Business Sector commit to transfer ownership of a number of lands, or real estate assets to the Egyptian General Petroleum Corporation (EGPC) or its subsidiaries, by the value of the debts of their companies, as a settlement of debts between the two parties.

The prime minister concluded the meeting by stressing that reaching those final resolutions would improve the performance of the ministries and the financing structure.

The meeting was attended by  El Molla and Shaker, as well as the Minister of Public Business Sector, Hesham Tawfik, and the Minister of Finance, Mohamed Maait.


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