A press release to Egypt Oil&Gas stated that Egyptian Minster of Petroleum, Tarek El Molla, chaired the General Assembly for Petroleum Gas (Petrogas) and Cairo Oil Refining Company (CORC) to review the companies’ budgets for fiscal year 2017/2018. The general assemblies were held in the attendance of First Undersecretaries of the Ministry of Petroleum, CEOs of the Egyptian Natural Gas Holding Company (EGAS), First Undersecretary of Central Auditing Organization (CAO), Mohamed Hanafy, and Head of General Union of Workers in the Petroleum Sector, Adel Ragab.
During the general assemblies, El Molla pointed out the success of the measures taken to avoid crisis in butane markets including increasing production and boosting storage and pipelines capacities as well as supplying ports with facilities and establishing new docks to receive butane cargos. Additionally, the ministry increase regulatory and ration campaigns, in accordance with the Ministry of Supply and Supply Investigations, in order to protect butane markets.
He added that butane market is accordingly stable. He further urged the completion of new projects to increase storage facilities and increase butane reserves.
Petrogas’ CEO, Adel El Showaikh explained that 2017/2018 budget promises executing projects to increase the capacity of Tamoh, Mostrod and Kattameya factories and linking Al Amerya pipeline to the southern warehouses as well as completing spherical tanks in South of Alexandria with total investments EGP 87.5m.
Meanwhile, CORC’s CEO, Mohamed Hashiesh, said that CORC’s two refineries in Mostorod and Tanta will witness several projects to boost production and efficiency with total investments EGP 123m.