The new budgets of public sector’s oil companies, for fiscal year (FY) 2018/2019, aim at boosting the performance of Egyptian refineries and strengthening their role in securing citizens’ fuel demands, Egyptian Minister of Petroleum and Mineral Resources, highlighted Tarek El Molla, Egypt Oil & Gas reports.
The minister’s statements came during the general assemblies of Petroleum Pipeline Company (PPC) and Cairo Oil Refining Company (CORC), which he chaired to authorize the new FY’s budgets.
El Molla pointed out the necessity of implementing infrastructure projects on a fast pace in order to meet the population growth and consumption increase. The minister added that it is important to keep expanding the petroleum products national grid, through the 5700 km long pipelines, which are considered the main arteries that pump petroleum products across the country’s consuming sectors.
The minister announced adding new facilities to the grid, including the Arab Petroleum Pipelines Company (SUMED) facilities in Ain Sokhna and Wadi Feiran. Furthermore, he highlighted the importance of supervising pipelines to protect them from robbery.
In closing, the minister referred to the important role played by CORC to meet the Health, Safety, and Environment (HSE) standards in Mostorood Petroleum Region.