Petroleum Cooperative Society Company (COOP) witnessed a 10% increase in its profits for fiscal year (FY) 2016/2017, according to the Head of COOP, Samir Rizk, Egypt Oil & Gas reports.

Rizk noted that the company’s profits had reached EGP 32 billion during FY 2016/2017 and that its products comprised 35% of the domestic petroleum market.

Petroleum sales accounted for EGP 26 billion. Coop sold 1.8 million tons of benzene, 3.9 million tons of diesel, and 4.9 million tons of mazut, Rizk noted. He added that the company sold oil products worth EGP 1.7 and achieved a 20% share of the Egyptian oil market.

COOP is developing its bunker tankers to improve operations, Rizk said. He also noted that the company has completed the rehabilitation of its fire-extinguisher systems and networks and ensured the application of industrial-safety measures in all its warehouses and garages. These systems, he added, meet international standards.

The figures were announced during the annual review for FY 2016/2016. The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, chaired the meeting.