19 February 2013

Egypt: Oil-Contracting Company to Attract Arab, African Markets

Petroleum Minister Osama Kamal said that a study is underway to set up a holding company for oil contracting aiming at puting the oil-related activities in one independent body that would draw Arab and African markets and opening new vistas in the oil sector.

At an expanded meeting with heads of the Egyptian General Petroleum Authority, holding Companies for gas and petrochemicals and Petroleum Ministry officials, Kamal said the highest-paid government employees in oil companies will earn a maximum of 36 times the minimum one.

He underlined the importance of activating the higher committee tasked with rehabilitating oil sector cadres to prepare efficient petroleum leaderships.

The meeting tackled with the challenges facing oil production companies and rationalizing consumption of petroleum products.

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