Arabian Cement Company (ACC) signed a Petroleum Coke (pet coke) deal with Egyptian Refining Co (ERC), which states that ERC should supply 300,000 tons of pet coke per year to ACC, which the company has already begun this month, Al Borsanews reported.

“This agreement aligns with ACC’s efforts to reduce production costs and improving the operational performance of the company by diversifying energy sources,” Sergio Alcantarilla, ACC CEO, said

The pet coke is a solid nonvolatile residue which is obtained as the end product in the crude oil distillation and its purity makes it desirable for metallurgical processes and carbon electrodes, in addition to being used as a fuel.

ACC’s profits have raised with 7.5% during 2018 to reach EGP 231.6 million compared to EGP 215.6 million in 2018, while the 2018 revenues reached EGP 3.27 billion compared to EGP 2.6 billion in 2017.