Alexandria Mineral Oils Company (AMOC) production during fiscal year (FY) 2022/23 amounted to about 1.5 million tons of various petroleum products for the local market, especially diesel, butane, and naphtha for the production of gasoline and essential oils, AMOC’s Chairman, Amr Lotfy noted.

This came during the general assembly of AMOC chaired by Minister of Petroleum and Mineral Resources Tarek El Molla, to approve the business results for the fiscal year 2022/23. The meeting followed up on the company’s plan to implement a number of projects to raise operational efficiency to increase production rates.

El Molla stated that the ministry’s strategy attaches utmost importance to projects to improve energy efficiency.

A special department has been established to improve energy efficiency in the Egyptian General Petroleum Corporation (EGPC), the holding companies, and companies affiliated with the sector, El Molla explained. He added that implementing projects to improve energy efficiency will achieve added value, optimize the use of resources, and maintain efficient performance.

El Molla praised the results achieved by the company, and the role it plays in contributing to meeting part of the local market’s needs for petroleum products and essential oils and reducing the import quantities of those products.

The minister also praised the company’s performance on the Egyptian Stock Exchange, which strengthens its position in the local market and reflects shareholders’ confidence in the company’s performance.

El Molla called for increased participation in social responsibility such as education, health, and others to achieve sustainable development. He thanked the company’s employees for the business results achieved and urging them to exert more effort during the coming period.

In line with the policy of the Ministry of Petroleum and Mineral Resources to reduce carbon emissions and maximize the use of flare gases, Lotfy explained that AMOC was able to achieve financial savings worth about EGP 21 million. This is following the completion of the first phase of Zero Sweet Flare and reduce carbon emissions by 5,330 tons of carbon dioxide equivalent annually.

At the end of the meeting, the company’s ordinary general assembly approved the results of the fiscal year 2022/23 and the agenda items, and approved the distribution of dividends of EGP 0.65 per share.