Misr Petroleum will export a third shipment of high-quality motor and industrial oil to Rwanda, stated Hussien Fathy the Chairman of Misr Petroleum, according to Al-Mal.
This step aligns with the Minister of Petroleum and Mineral Resources, Tarek El Molla’s plan to open new markets for Egyptian exports especially in the African continent. Fathy added that a new shipment to Uganda is underway. Furthermore, the company plans to export motor and industrial oil to several African countries including Kenya, Rwanda, Sudan, Uganda, and Nigeria with a total value of EGP 50 million.
The chairman denoted that for the new fiscal year (FY) 2020/21, the company is targeting EGP 72 billion in profits and 8.8 million tons in sales of petroleum products. The company plans to increase its sales of jet fuel to 1.1 million tons and supply ships with 190,000 tons. In addition, the company plans to expand its fuel stations by adding 25 more and developing 100 existing ones.
Misr Petroleum aims to pump investments of EGP 755 million during FY 2020/21 through renewing the company’s assets and strengthening transportation fleets, not to mention developing the industrial security system, developing infrastructure in warehouses, and utilizing Enterprise Resource Planning (ERP) system.