Minister of Petroleum and Mineral Resources Tarek El Molla has approved the budget plans for the fiscal year (FY) 2024/25 for the Cairo Oil Refining Company (CORC).

During the general assembly of CORC, El Molla confirmed that the advanced level reached by the Cairo Petroleum Refinery in the Mostorod area is a source of pride. It came as a result of great and continuous work to modernize the company’s facilities. In parallel, work was done to raise the efficiency of the Petroleum Geographical Area in Mostorod.

El Molla stated that an ambitious and unprecedented budget in the company’s history, amounting to EGP 1.5 billion, has been approved to support the implementation of new projects that enhance production.

The new expansions of the Petroleum Zone in Mostorod will contribute to maximizing the capabilities and storage infrastructure for petroleum products, which will help increase production capacities in light of the availability of storage capacities capable of accommodating the increased production, the minister added

El Molla noted that digital transformation is an essential element in raising the efficiency and development of refineries, as introducing digital transformation methods leads to improving petroleum products and reducing losses. It also links refineries to each other in an integrated digital system, enabling the refining industry to maximize the return from refining each barrel of oil.

The Minister praised the steps taken to support the environmental dimension after installing the company’s self-monitoring environmental systems and linking them to the Egyptian Environmental Affairs Agency (EEAA).

El Molla listened to a presentation delivered by Wael Rizk, CORC’s Chairman, about the company’s targets in the areas of production and projects in the planning budget for FY 2024/25.