Egypt has appointed Tarek al-Molla as chairman of state-run Egyptian General Petroleum Corp (EGPC), the Oil Ministry said, a move that is likely to encourage foreign oil companies operating there.

“Tarek El Molla, who is vice chairman for foreign trade, will carry out the duties of chairman of EGPC,” a ministry statement said Thursday.

Molla, a veteran at EGPC, replaces incumbent Tarek al-Barkatawy. Tarek moved to Tanmia Petroleum Corporation and assumed the role of chairman.

Top oil officials have been changed a number of times since Egypt’s revolution, and this is the third switch at EGPC since the start of the year. Barkatawy was appointed around mid-May.