The Egyptian General Petroleum Corporation’s (EGPC) Chairman, Abed Ezz, said that 60 new discoveries had been realized during the previous fiscal year in the fields of petroleum and natural gas, adding that two new discoveries will be announced soon: the first will be for Eni in Gulf of Suez region, while the second will be for Petro Gulf in Sinai.

During the House of Representatives’ Planning and Budgeting Committee, Abed clarified that there is an ambitious plan to develop and raise the efficiency of seven old refineries. He highlighted that the company established new firms like the Egyptian Refining Company (ERC) with a cost of $4.4 billion, aiming to produce 4.2 million tons per year. This is in addition to Assiut Company, which will start production in the first quarter of 2020 (for the gasoline production unit), and the Red Sea Company, according to Amwal AlGhad.

The EGPC’s 24 subsidiaries realized profits representing 18.6% of the investments’ value, amounting to EGP 21.5 billion, Abed reported, noting that two companies were liquidated due to their lack of economic feasibility.