CORC Targets Investment Budget Worth EGP4.471B During FY 2025/26

CORC Targets Investment Budget Worth EGP4.471B During FY 2025/26

Cairo Oil Refining Company (CORC) Chairman Wael Rizk announced that the company targets an investment budget estimated at EGP4.471 billion during the next fiscal year (FY) 2025/26 which will be dedicated to implementing replacement and renewal projects as well as occupational health and safety, and environmental protection projects.

This came during CORC’s general assembly meeting headed by the Minister of Petroleum and Mineral Resources Karim Badawi and attended by other officials in the petroleum sector to approve the planning budget for the FY 2025/26.

He also reviewed the most important performance indicators for petroleum refining, as he pointed out that the plan is to refine 8.65 million tons, of which 7.2 million tons for the Mostorod refinery and 1.45 million tons for the Tanta refinery.

Risk elaborated that the company was able to achieve savings from the flare gas recovery project amounted to $4 million annually and it reduced emissions by 40,000 tons of carbon dioxide equivalent in addition to 210,000 kilowatts in the period July – December 2024 as a result of electricity rationalization projects and the use of solar energy in administrative buildings in addition to replacing current lighting systems with modern energy-saving lighting systems. 

Additionally, the savings from natural gas consumption amounted to 30% as a result of energy rationalization projects, and he pointed out the budget, the chairman said.

During the meeting, Badawi highlighted the importance of energy efficiency and its impact on reducing the import bill and achieving significant savings that benefit the state and the citizens. 

He pointed out that work is underway to fully exploit the productive capacities of the infrastructure owned by the petroleum sector in achieving the added value goals, especially providing crude oil for processing in refineries and then exporting it which achieves significant returns to the country.

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Fatma Ahmed 2089 Posts

Fatma Ahmed is a staff writer with six years’ experience in Journalism. She is working in the field of oil and gas for four years. She also worked in the field of economic journalism for 2 years. Fatma has a Bachelor Degree in Mass Communication.

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