Minister of Petroleum and Mineral Resources Tarek El Molla chaired the general assemblies of Misr Petroleum Company and Cooperation Petroleum Company (Copetrole) via video conference, to approve the budget plans for fiscal year (FY) 2022/23, the ministry said in a statement.

During the two assemblies, El Molla pointed out the importance of the oil sector’s companies continuing their development and modernization plans in various aspects of petroleum activities. This development brought these entities back on the right track and turned them into economic entities that efficiently manage their activities.

The flexible strategy implemented by the ministry to develop and modernize the petroleum work axes is taking good steps to keep pace with the general reforms undertaken by the state, the minister noted.

The two petroleum marketing companies affiliated with the petroleum public sector are a distinct model for the success of this strategy in terms of the comprehensive development and exploiting their strengths to push them further ahead, El Molla explained.

The commitment to development, safety, and digital transformation is a fundamental principle in the operations of the petroleum sector in light of the ministry’s plans to increase and improve performance efficiency, reduce waste, and exploit all available potential, El Molla said. He emphasized the importance of expediting the completion of projects to install RTG devices to monitor warehouses.

During the two meetings, Misr Petroleum Chairman Mohamed Shaaban and Copetrole Chairman Ayman Naguib reviewed the most important features and projects of the investment budget for 2022/23. They also discussed the volume of works that were implemented to develop infrastructure, car catering stations, ship catering activities, oil marketing as well as the digital transformation of the two companies and the planned projects in this regard.