Alexandria Petroleum Company (APC) refined around 5 million tons of crude oil in fiscal year (FY) 2020/21, producing EGP 48 billion worth of petroleum products, the company’s chairman, Mohamed Sobhy, said.

This came during the general assembly meeting chaired by Minister of Petroleum and Mineral Resources, Tarek El Molla, to review the company’s performance in 2020/21, the ministry said in a statement.

APC’s production contributed to the market needs of butane, naphtha, diesel, mazut, jet fuel, asphalt, wax distillates, and petroleum solvents, in addition to providing petroleum companies with $891 million worth of raw materials to feed their projects.

The company managed to cover part of the asphalt  needs of the national roads project through production and import with a total quantity of  nearly 792,000 tons of asphalt, Sobhy noted.

Moreover, investments of around EGP 602 million were pumped during the year to implement projects for the replacement and renewal of production units and the development of security and safety systems, in addition to projects to develop and modernize the petroleum geographic area in Alexandria, he added.

APC exported $375 million worth of petroleum products to Italy, Spain, France, Malta, Cyprus, Greece, Georgia, Slovenia, Tunisia, Lebanon, and Morocco.

“The petroleum geographic area in Alexandria is one of the bastions of the Egyptian refining industry, which contributes 45% of the total refining and petroleum manufacturing capacities,” El Molla stated, pointing out that a package of new projects is currently being implemented to develop and raise the efficiency of refineries by applying and using the latest technologies in the field of digital transformation and linking them to a unified system.