The Chairman and CEO of MIDOR, Amr Lotfy, reported a 63% increase in net profit after tax, amounting to $129 million in 2024. This came during the general assembly meeting of the Middle East Oil Refinery (MIDOR), attended by the Minister of Petroleum and Mineral Resources, Karim Badawi, to discuss and review the company’s fiscal year results in 2024.

The company significantly increased its production, refining more than 46 million barrels during 2024, compared to approximately 29 million barrels in 2023. This led to a 26% increase in diesel production compared to the previous year, covering approximately 20% of local needs, and a 31% increase in high-octane gasoline production, covering 18% of local market needs.

Besides, jet fuel production tripled from the previous year, a significant increase that contributed to meeting 100% of local demand and exporting the surplus. Butane production also increased by approximately 40%, covering approximately 5% of local market needs, as Lotfy said.

Lotfy pointed out that 2025 will witness a further increase in production driven by the new refinery expansions, as production capacity is expected to increase by 160%. Lotfy noted that all performance and operational tests for the new production units have been completed, while rehabilitation work on several existing production units has also been completed.

Additionally, he noted that approximately 80% of the petroleum products pipeline connecting the MIDOR refinery and El Hamra Port in El Alamein has been completed, and the remaining part is being completed this year to serve as a new path for shipping petroleum products from the refinery through El Hamra Port.

The Minister of Petroleum and Mineral Resources, Karim Badawi, underscored the pivotal role of the MIDOR oil refinery in Alexandria as a cornerstone of Egypt’s economic strategy.  He praised MIDOR’s contributions to hard currency earnings, local market stability, and sustainable growth.

Badawi also emphasized the importance of working during the coming period to fully utilize the company’s refinery’s production capacity and its extensive capabilities to maximize economic returns and added value from refining crude oil and converting it into high-value, high-quality petroleum products that contribute to meeting the needs of the local market and exporting.

He also stressed the means to transfer the company’s expertise in marketing sulfur as a by-product of the MIDOR refinery in Alexandria and to cooperate with the Iraqi side aiming to market its sulfur product, thus contributing to achieving mutual benefit for both parties, in light of the discussions that took place during his visit to Baghdad.

In respect of occupational safety and health and environmental protection (HSE), Lotfy noted that MIDOR is moving forward in advancing its occupational safety and health system, implementing the latest safety systems, and ensuring a safe working environment for workers within its facilities, including an integrated and advanced firefighting system.

MIDOR has recorded 10 million safe work hours in 2024 and conducted internal safety reviews for both work teams and contractors within the company, as well as training of approximately 2,500 human cadres in the field of safety.

In the field of environmental protection, Lotfy confirmed that the refinery operates in an environmentally friendly manner, reducing carbon emissions by connecting all smokestacks to the Egyptian Environmental Affairs Agency’s (EEAA) emissions monitoring and measurement system, implementing continuous and strict monitoring methods for the internal and external environments and air and water quality, and conducting ongoing environmental inspections by international institutions.

As part of its corporate social responsibility, Lotfy explained that MIDOR has completed several development projects in the fields of health, infrastructure, and social services, with total contributions amounting to EGP 50 million.

The company upgraded Alexandria’s Main University Hospital, supported the Ahl Masr Hospital, and funded three new rooms at El Amreya General Hospital. It also enhanced Alexandria’s main entrance road and irrigated 1,200 trees near operational sites. Besides, MIDOR developed villages near Alexandria, supporting their residents and providing them with a decent life and small projects as a source of income. It also supported El-Amal Village for the social rehabilitation of people with special needs.