Co-operation Petroleum Company (Copetrol) Chairman Nasser Shouman announced in a presentation on the company’s achievements that it sold 7.5 million tons of petroleum products during the 2023/24 fiscal year.

The announcement was made during a general assembly meeting, chaired by Minister of Petroleum and Mineral Resources Karim Badawi, to approve the company’s operational results. The meeting was attended by several petroleum officials.

Shouman highlighted that Copetrol operates 32 warehouses across Egypt, with a total storage capacity of 766,000 tons, accounting for 35% of the country’s traded petroleum products. He also noted that Copetrol markets petroleum products through 1,232 fueling and service stations, all equipped with the ATG system.

As part of its expansion plan, it added 19 stations during the year and 23 stations are currently operating during the current year, Shouman elaborated. It also expanded the number of stations providing natural gas supply service, as it operated 185 stations, he added.

Moreover, the company expanded in the production and marketing of high value-added products, including synthetic oils, with the implementation of an ambitious program to increase its sales and market share, as total oil sales during the FY amounted to 76,500 tons, sales of high-performance oils increased by 4% compared to the previous year, and export sales of oils amounted to 1,441 tons.

Shouman mentioned the company met part of the ships supply through six double-hull oil tankers, with a storage capacity of 9,650 tons, pointing out the the total storage capacity of the Copetrol ports is 41,800 tons, and it achieved sales of 43,000 tons estimated at $30 million.

Additionally, the presentation demonstrated the excellence in the production of chemicals and home care products (VIDA), as it owns a group of the finest products in the Egyptian market.

Badawi stressed the continuation of supporting the development efforts of petroleum product marketing entities that provide and offer various products and services that serve the Egyptian market (gasoline – diesel – mazut – oils – sales of chemical products and detergents, etc.). He also praised the operational results achieved by the skillful employees of the company.

The meeting was attended by Lieutenant General Kamel el-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport. The two ministers affirmed that the state, with all its bodies and institutions, is fully coordinated in supporting national entities to maximize their production capacities, capabilities, and resources, as well as their established reputation, reliability, and reach to attract more investments. They also emphasized that there are many expansion opportunities, most notably the ship supply activity, increasing the spread of fueling and service stations on new roads and traffic corridors, and increasing the transportation of petroleum products by rail.