CORC Investments Reach EGP 1.3B in 2022/23

CORC Investments Reach EGP 1.3B in 2022/23

Cairo Oil Refining Company’s (CORC) Chairman Wael Rizk reviewed the key performance indicators during the year, noting that the amount of crude oil that was refined  reached about 8.4 million tons at the company’s refineries in Mostorod and Tanta.

This contributed to the provision of quantities of petroleum products amounting to about 114,000 tons of butane, 552,000 tons of naphtha, 2.9 million tons of benzene of all types (80 and 92 octane), 60,000 tons of kerosene, 460,000 tons of jet fuel, and 1.407 million tons of diesel, in addition to many specialized products for many industries.

This came during the general assembly chaired by Minister of Petroleum and Mineral Resources Tarek El Molla to review the company’s performance of in fiscal year (FY) 2022/23.

The company implemented investment projects during the year with investments amounting to about EGP 1.3 billion.

Among the most important projects that were implemented and operated during the year were the torch gas recovery project with the aim of reducing associated gas emissions and reusing torch gases as fuel and producing butane, the project to establish 12 tanks for crude and petroleum products, cooling tower projects, and the installation of automatic measuring devices.

El Molla stated that the increase in natural gas delivery rates to residential units was reflected in a decrease in the overall average annual consumption of butane gas despite the population increase, as the quantities of domestic consumption of butane gas were reduced during the last fiscal year by about 2.9% compared to the previous fiscal year.

Sarah Samir 3297 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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