The Ministry of Petroleum has announced that MIDOR’s profits in 2015 amounted to $100m, Egypt Oil & Gas reported. The announcement came during the General Assembly meeting led by Minister of Petroleum and Mineral Resources, Tarek El-Molla.
Dr. Muhammad Abdul Aziz, MIDOR’s President, said the company maintained its full operations, made the best of its operating capacity, as the operating rate has reached 98%, and maintained flexibility in production units. He added that MIDOR has also preserved its production assets by conducting the largest overhaul since the plant’s establishment at a cost of about $27m.
The development also included the activation of the policy regarding refining for other companies on behalf of the Egyptian General Petroleum Corporation (EGPC). It is estimated that there are about 10.7m barrels refined with revenues reaching $95m.