Wael Rizk, Chairman of Cairo Oil Refining Company (CORC), announced that the company has implemented investment projects exceeding EGP 1.8 billion during the fiscal year (FY) 2023/24.

Rizk made this statement during the company’s general assembly meeting, chaired by the Minister of Petroleum and Mineral Resources, Karim Badawi, to approve its operational results.

He explained that the projects included the construction of 12 storage tanks for crude oil and petroleum products, cooling tower projects, and the installation of automatic measuring devices.

Rizk elaborated that CORC processed approximately 8 million tons of crude oil at its refineries in Mostorod and Tanta, contributing to the production of around 112,000 tons of butane, 337,000 tons of naphtha, 3 million tons of gasoline of various types (80 and 92 octane), 48,000 tons of kerosene, 536,000 tons of jet fuel, and about 1 million tons of diesel, along with several specialized products for various industries.

He also highlighted that the company has implemented local manufacturing of equipment and devices and provided technical services to petroleum companies and other industries throughout the year.