Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, praised the critical role public petroleum companies play in the national economy. Chairing the general assemblies of major refining companies, including Suez, Assiut, Cairo, and Alexandria Petroleum, the minister highlighted the sector's strong financial results and ongoing efforts to enhance production capacity and safety standards. Refining Success FY23/24 During the fiscal year 2023/2024, Egypt's key petroleum companies delivered substantial contributions to the local market: * Suez Petroleum Manufacturing Company Processed 1.3 million tons of crude oil, meeting a significant share of local demand for high-quality products. * Assiut Petroleum Refining Company Converted 3.3 million tons of crude into essential products, continuing to upgrade its facilities, including a new atmospheric distillation unit with a capacity of 5 million tons per year. * Cairo Petroleum Refining Company Processed 8 million tons of crude, producing 112,000 tons of butane, 3 million tons of gasoline, and 1 million tons of diesel, among other products. * Alexandria Petroleum Company Refined 3.8 million tons of crude, generating products valued at approximately 146 billion Egyptian pounds. Investment and Development The companies are also focusing on expanding capacity and improving safety measures. Key initiatives include: – The construction of 14 new storage tanks and the development of a new coking complex in Suez. – Upgrading 12 storage tanks and implementing solar energy projects in Assiut, as well as reducing the company's carbon footprint. – An investment of over 1.8 billion Egyptian pound in Cairo's refineries for new tank construction, cooling tower projects, and automated systems. – Alexandria's ongoing projects to enhance energy efficiency and reduce emissions, alongside plans to develop the Alexandria oil zone and port facilities. Minister Badawi emphasised the importance of maintaining safety standards to protect workers and ensure the sustainability of operations, as well as continuing to invest in energy efficiency and environmental protection measures. These projects are set to bolster Egypt's refining capacity, supporting both domestic demand and export potential, while enhancing the sector's industrial and economic footprint. Attribution: Egyptian Cabinet Subediting: M. S. Salama
