Prime Minister Kamal al-Ganzouri decided to form a ministerial committee entrusted with settling the financial problems of the petroleum sector with other ministries, particularly the ministries of finance and electricity.
The committee will comprise representatives of the ministries of finance, petroleum and electricity as well as representatives from the ad hoc bodies of the three ministries to improve the fiscal conditions currently affecting the oil sector.
Finance Minister Momtaz el-Saeed said that the Petroleum Ministry confirmed that it is indebted by LE 137 billion to the ministries of finance and electricity, while the Egyptian General Petroleum Corporation's budget deficit would amount to almost LE 60 billion.
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