Assiut Oil Refining Company (ASORC) refined about 3.4 million tons of crude to supply petroleum products to the local market at a value of EGP 47 billion, during fiscal year (FY) 2021/22, ASORC’s Chairman Maged El Kurdi stated.

The statement came during the general assembly meeting chaired by Minister of Petroleum and Mineral Resources Tarek El Molla who chaired some of the first meetings of the general assemblies of public sector oil companies, via video conference, to discuss and approve the results of FY 2021/22.

ASORC’s volume of investments injected recorded around EGPC 1.3 billion to implement replacement and renewal programs and projects, enhance the requirements of occupational safety and health, and protect the environment, and start implementing new production units, El Kurdi noted.

During the meetings, El Molla explained the success of the public sector oil companies in achieving outstanding results during the last fiscal year, despite the circumstances and challenges the world is going through and their repercussions.

El-Molla pointed out the continuation of modernization and development of the network for transporting crude oil and petroleum products, as they are the arteries of the sector to provide the necessary energy to sustain growth and economic development and keep pace with the growth and development witnessed by the country.

The minister highlighted the continued development of the butane system in Egypt to keep pace with the comprehensive development in the petroleum sector and the work of raising efficiency, digitization, governance and enhancing safety. El Molla noted that the average consumption of butane has decreased from 4.2 million tons to 3.6 million tons annually despite the population increase, explaining that the increase in gas delivery rates to households has the greatest impact on this, indicating the important role of the private sector in the butane system as it represents a large percentage of its activities.

Meanwhile, Ayman Abdel Badie, Petroleum Pipelines Company (PPC)’s Chairman, reviewed the most important projects implemented to develop the national network for transporting crude and petroleum products through pipelines.

For his part, Nabawi Mahmoud, President of Petrogas Company, reviewed the most important results of the company that included supplying as about 3.6 million tons of butane gas to the local market during 2021/22, a decrease of 1.6%, as 309 million cylinders of butane were filled through 49 factories for filling cylinders and distributing them through 3093 consumers distribution centers, while 3.9 million cylinders have been rehabilitated.