A press release to Egypyt Oil&Gas stated that Egyptian Minster of Petroleum and Mineral Resources, Tarek El Molla, chaired the General Assembly for Suez Oil Processing Company (SOPC) and Nasr Petroleum Company in order to review the companies’ development plans for fiscal year 2017/2018. The general assemblies were held in the attendance of the Minister of State for Local Development, Ahmed Zaki Badr, First Undersecretaries of the Ministry of Petroleum, CEOs of the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian Petrochemicals Holding Company (ECHEM), Head of the Egyptian General Petroleum Corporation (EGPC), First Undersecretary of Central Auditing Organization (CAO), Mohamed Hanafy, and Head of General Union of Workers in the Petroleum Sector, Adel Ragab, as well as representatives from related ministries.

El Molla stated that it is important to follow up on the cost rationalization programs that are ongoing as part of the state’s general strategy, without affecting production. Additionally, the ministry is following up on the application of the fiscal year program on the companies’ level and linking it to EGPC as a part of the development of the oil and gas sector.

SOPC’s CEO, Reda Abdel Samad, stated that SOPC’s plan includes producing 48,000 tons of butane and 81,000 tons of naphtha per year with investments more than $44m. It further aims to produce 396,000 tons of Asphalt and 322,000 tons of diesel annually with total investments $54m.

In the light of the added value of the Egyptian refineries, the minister added that Egypt is benefitting from the production of naphtha, and mazut as well as employees from SOPC and Nasr Petroleum as it uses them in the petrochemical olefins and parrafins projects that will be established in the Suez Canal economic area.