Pe­tro­leum Min­istry de­vel­ops new re­finer­ies to meet mar­ket needs

The Daily News Egypt - - Business - By Mo­hamed Ab­del Megeed

Min­is­ter of Pe­tro­leum and Min­eral Re­sources, Tarek El-Molla, chaired on Sun­day the ini­tial meet­ing of the Gen­eral Assem­blies of the pub­lic oil com­pa­nies to ap­prove the busi­ness re­sults of the fis­cal year 2016/2017. The meet­ing started by dis­cussing and ap­prov­ing the re­sults of the Suez Oil Pro­cess­ing Com­pany (SOPC) and the Nasr Pe­tro­leum Com­pany.

The chair­per­son of the Suez Oil Pro­cess­ing Com­pany (SOPC), Mo­hamed Elewa, said the com­pany has con­trib­uted to pro­vid­ing some of the grow­ing domestic mar­ket’s needs of pe­tro­leum prod­ucts, in­clud­ing diesel, gaso­line, gas and sul­fur. He added that the com­pany’s pro­duc­tion value reached about EGP 1.9bn, an in­crease of 28% com­pared to the pre­vi­ous fis­cal year.

Elewa said that the vol­ume of in­vest­ments in­jected to ren­o­vate and up­grade ex­ist­ing pro­duc­tion units recorded about EGP 111m.The com­pany’s new projects in­clude the es­tab­lish­ment of two units, one for the pro­duc­tion of as­phalt with more than $79m in­vest­ments, and the other to pro­duce bu­tane with $75m in­vest­ments.

The Chair­man of Al-Nasr Pe­tro­leum Com­pany, Na­bil Fahmy, said that his com­pany has re­fined about 2.8 mil­lion tons of crude oil which con­trib­uted to pro­vide some of the lo­cal mar­ket’s needs.The value of the com­pany’s pro­duc­tion was es­ti­mated at EGP 1.5bn,an in­crease of 20% com­pared to the pre­vi­ous year. He added that the com­pany’s to­tal in­vest­ments in ren­o­va­tion, se­cu­rity and safety projects amounted to about EGP 191m.

El-Molla said that the min­istry’s pro­gram to develop the Egyp­tian re­finer­ies comes in agree­ment with the state eco­nomic re­form pro­gram to achieve high rates of eco­nomic growth, since the en­ergy is one of the most im­por­tant el­e­ments in the eco­nomic de­vel­op­ment.

The meet­ing were at­tended by the deputies of the pe­tro­leum min­istry, Mo­hamed Ta­her and Mo­hamed Mounes; CEO of the Egyp­tian Gen­eral Pe­tro­leum Cor­po­ra­tion (EGPC), Abed Ezz El­re­gal; and Chair­man of Nat­u­ral Gas Hold­ing Com­pany (EGAS), Osama Al Bakli.

Min­is­ter of Pe­tro­leum Tarek ElMolla

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