National oil companies (NOCs) are now being prepared to hit new targets and achieve new goals in 2020 in light of the sector’s strategy to carry on its Modernization Project to develop its activities and boost the production capacity, Minister of Petroleum and Mineral Resources Tarek El Molla said, according to press release.

He said that during the general assembly of the NOCs to approve the planning budgets for fiscal year (FY) 2020/2021 in the presence of the CEO of Egyptian General Petroleum Corporation (EGPC), Abed Ezz El Regal, the Minister of Local Development, Mahmoud Sharawi, and another NOCs heads.

The Head of Egyptian Petrochemicals Company, Mohamed Abdel Aziz, said that his company targets EGP 842 million in new projects, renovations and health, safety, and environment (HSE) projects.

The Head of Suez Oil Processing Company, Mohamed Eleiwa, said that his company aims at refining 2.4 million ton per year as well as implementing several projects with costs EGP 5.4 billion.

The Head of Nasr Petroleum Company, Mohamed Hassan, said that the company aims at refining approximately 4.85 million tons of crude to produce various petroleum products, including 82,000 tons of butane, 1.2 million tons of naphtha, 410,000 tons of jet fuel, 1.35 million tons of diesel, 1.3 million tons of diesel, 1.3 million tons of mazut and 366,000 tons of asphalt.