The general assemblies of Cooperation Petroleum company (Copetrole) and Misr Petroleum Company were held on January 19, to approve their budget planning of fiscal year (FY) 2020/2021, headed by the Minster of Petroleum and Mineral Resources, Tarek El Molla, according to a press release.
The Chairman of Cooperation Petroleum, Adel Ayad, said that his company plans to achieve revenues worth more than EGP 60 billion during FY 2020/2021, with the aim to sell about 7.7 million tons of petroleum products, oil, chemicals and ship fuel.
He pointing out that the continuation of the ongoing work plan to develop distribution warehouses and service stations have investments estimated at EGP 132 million and EGP 75 million, respectively.
Ayad declared that the company continues to supply the national developmental projects with needed fuel and oils. In addition, a contract will be signed to supply the fish farms project with petroleum products, while a protocol will be signed to exploit all supply and service stations on all border ports.
The Chairman of Misr Petroleum Company, Hussein Fathi, stated that his company’s investment budget for FY 2020/2021 is intended for the first time to achieve revenues of EGP 72 billion, indicating that the targeted sales volume is about 8.8 million tons of petroleum products, oils and chemicals.
He added that the company plans to increase its sales from jet fuel to 1.1 million tons and from ship fuel to 190,000 tons. Fathi also said that the company aims to pump investments worth EGP 755 million in a large number of projects.