Minister of Petroleum and Mineral Resources Tarek El Molla outlined the importance of petrochemicals, refining, and petroleum infrastructure projects to support securing plans and supply stability of petroleum and petrochemical products for the local market as well as promoting Egypt as a regional hub for oil and gas trading.
The minister pointed out that the ministry’s strategy fully supports these projects noting that it allocated ambitious budgets to modernize the petroleum entities through replacement and renovation projects, developing and improving energy efficiency, industrial security projects, and environmental compatibility. during the last years.
This came during the general assembly meetings of companies Alexandria Petroleum, Amreya Petroleum Refining (APRC) and Egyptian Petrochemical Company to approve their budget plans for the fiscal year (FY) 2023/24.
El Molla emphasized the important role played by the Alexandria Petroleum Company in leading the work of the petroleum geographical area in Alexandria, as well as its distinguished participation in providing an important aspect of the local market needs for petroleum products.
He also highlighted its role in providing products needed to Egyptian Linear Alkylbenzene company (ELAB), Alexandria Mineral Oils Company (AMOC), and Alexandria National Refining and Petrochemicals Company (ANRPC) as well as its provision of an important aspect of asphalt needs for the national roads project. El Molla underlined the support given by the ministry to the pioneering role of the company in Alexandria and its affiliates.
Additionally, he mentioned the developments implemented in the petroleum ports especially in El Gouna Basin in Alexandria, as well as the petroleum ports in Dekheila, Ain Sukhna, Sinai, and others.
Moreover, the minister explained the role of the Al Amreya refinery as part of the Egyptian refining system and the importance of developing digitalization programs for the refineries. He also noted the ongoing upgrades to the Egyptian Petrochemical company to increase its production capacity, achieve operation safety, efficiency and sustainability as well as boost its economic value, praising its operational results during Q1 of FY 2022/23.