New Petroleum Minister Tarek El Molla has achieved much success in the period since he took over the presidency of the Egyptian General Petroleum Corporation (EGPC). He was able to pay dues to partners periodically to control the increase of government debt. He also contributed to resolving much of Egypt’s energy crisis, by signing contracts to supply petroleum shipments.
El Molla was able to reduce the EGPC’s dues to governmental bodies, to approximately EGP 135bn compared to the EGP 195bn at the end of August. This came after the failure to resolve governmental bodies’ financial problems.
Prior to his becoming Minister of Petroleum, El Molla was CEO of the EGPC since August 2013, having previously worked as a deputy for operations at the EGPC between March and August 2013. In January 2011, he joined the Egyptian General Petroleum Corporation as a deputy for foreign trade.
El Molla joined US energy giant Chevron in January 1987 after his graduation from the Faculty of Engineering, where he remained until the end of 2010.
He was promoted several times at Chevron, and held various responsibilities in engineering, operations, planning and sales, until he became sales manager and board member in 1998.
He then moved to Chevron’s Africa and Middle East headquarters, until he became regional director of Middle and Central Africa until the end of 2010.
El Molla obtained his Bachelors’ degree in Mechanical Engineering from Cairo University in 1986.