Egypt's petroleum minister denies 'sacking' Misr Petroleum president

Petroleum Minister Osama Kamal denied on Tuesday rumors that he sacked chairman of Misr Petroleum company. An upper management reshuffle aimed at developing the performance of the company and giving a new breath to face challenges in the petroleum products markets in Egypt, he said. Kamal has named Saeed Mostafa, head of state-owned refiner and distributor Petrotrade, as chairman of Misr Petroleum, Egypt's largest distributor of petroleum products. Mostafa succeeds Nasr Abu al-Saud, who had been Misr Petroleum's chairman since late 2011. He also named Tarek El-Molla as deputy chief executive officer for operations at state oil company Egyptian General Petroleum Corp, succeeding Amr Mostafa. The decision was made on the back of a recent diesel crisis that hit the market recently.