(MENAFN- Khaleej Times) Egypt has appointed Tarek El Molla as chairman of state-run Egyptian General Petroleum Corp, or EGPC, the oil ministry said, a move that is likely to encourage foreign oil companies operating there. "Tarek El Molla, who is vice-chairman for foreign trade, will carry out the duties of chairman of EGPC," a ministry statement said. Molla replaces Tarek El Barkatawy. "It's good because before he was head of foreign trade and operations. He is active and I hope that things improve," an Egyptian industry source said.