Although EGPC, which was established in 1962, has since lost the oil sector in Upper Egypt, the gas sector to Egas and the petrochemical sector to Echem, EGPC remains a huge concern. It is integrated with major upstream and downstream oil operations. It functions as a holding group and has almost 30 operating subsidiaries and affiliates. In 1964 the Egyptian government nationalized the sole oil concessionaire, Anglo-Egyptian Oilfields. The assets of this company were taken over by General Petroleum Company (GPC), which is now one of EGPC’s operating subsidiaries. EGPC controls all or part of the capital of all Egyptian companies in the oil E&P sector. It holds 50% in all the oil producing joint ventures which are operated by foreign and some Egyptian companies. These JVs are all headed by EGPC executives appointed by the Petroleum Minister.