Tarek El-Molla has been appointed as the new Minister of Petroleum of Egypt, Egypt Oil & Gas has learned.
The announcement was made this morning at the presidential palace. As Sherif Ismail appointed his entire cabinet.
El-Molla is set to replace Sherif Ismail, the former minister, after Ismail was appointed Prime Minister on August 12th.
The appointment comes in the wake of scandal, as the former prime minister and cabinet resigned after it was revealed that the Minister of Agriculture, Salah El Din Mahmoud Helal had accepted bribes in exchange for land licenses. Helal was later arrested by authorities.
El-Molla has served as Chairman of the Egyptian General Petroleum Corporation (EGPC), since August of 2013. He’s seen by many in the industry as the choice of Sherif Ismail.
El-Molla maintains good relationships with foreign oil companies and is well-regarded in the sector.