Assiut Oil Refining Company (ASORC) Chairman Maged El-Kordy stated that ASORC aims in its investment budget of the next fiscal year (FY) 2025/26 to refine 4.2 million tons of crude oil with the aim of fully exploiting the company’s refining capacities to contribute to meeting the needs of the local market for various petroleum products and maximizing the productivity of the high-octane gasoline complex.
This came during ASORC General Assembly meeting with Minister of Petroleum and Mineral Resources Karim Badawi, via video conference, to discuss and approve the investment budget for FY 2025/26 in the presence of Manal Awad, Minister of Local Development.
During the meeting, Badawi highlighted the importance of maximizing local production from refineries to contribute to reducing the import bill of petroleum products and thus supporting the commitment to paying the dues of investment partners.
The Minister stated that adherence to safety procedures and regulations within workplaces is of utmost importance and cannot be deviated from, no matter the challenges. Badawi also directed to focus on projects to improve the efficiency of energy use and water resources in the company and expand environmental sustainability practices.
El-Kordy reviewed the indicators of occupational safety and health, and the commitment to implementing safe work systems in the company, which contributed to achieving the goal of (zero accidents) during the year 2024.
The package of advanced projects to rationalize energy and water resources and reduce emissions being implemented by ASORC was also reviewed.
In a significant step to promote renewable energy sources, the company has started implementing a 10-megawatt solar power generation project funded by a grant from the European Union (EU), which represents 10% of the company’s annual electricity consumption.
Moreover, ASORC plans to implement a project to recycle industrial wastewater, which will save 2 million cubic meters of Nile water annually, reduce operating costs by about $1.5 million, and preserve the environment.
In order to improve industrial performance efficiency, the company has completed the renovation of the cooling fans in the Distillation Unit 1, with the aim of increasing air flow, which will contribute to reducing fumes, thus recovering about 125 tons of butane gas product per month and achieving annual savings of $720,000.