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EGPC is affiliated with the Petroleum Ministry. It is
governed by a board of directors, the chairman of which is
appointed by decree of the President of the ARE, and the members
of which are appointed by decree of the Prime Minister of the ARE
on the recommendation of the Minister of Petroleum and Mineral
Resources. Resolutions of the EGPC Board of Directors are
forwarded to the Minister of Petroleum for ratification. He is
empowered to amend or cancel such resolutions. The chairman of
EGPC is empowered to furnish data and information to the
Petroleum Ministry and State bodies.
EGPC's funds are obtained from the State's shares in certain
public sector companies, its share of joint ventures with foreign
partners, and funds allocated by the government.
Subject to the provisions of Egyptian Law No. 53 of 1973
regarding the State budget, EGPC has an independent budget
prepared in the same manner as a commercial budget. EGPC's funds
are considered "privately owned State funds." Except for amounts
set aside in reserve accounts, EGPC's after-tax surplus is
remitted annually to the public treasury. The treasury in turn
bears the burden of deficit subsidies. EGPC has historically
been an important source of funds for the Egyptian Government.
EGPC is exempt from a variety of taxes and duties but not from
income taxes.
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