Minister of Petroleum and Mineral Resources Tarek El Molla has praised the Petroleum Projects and Technical Consultations Company (Petrojet) as a source of national pride for its success in boosting local contributions to essential projects. It also exports specialized equipment for petroleum projects abroad bearing the “Made in Egypt” logo.

The minister’s words came during the General Assembly meeting to approve the results of the work of Petrojet for the year 2023.

Petrojet’s Chairman Waleed Lotfy explained that the company has succeeded in achieving an unprecedented business volume, as the volume of its activity revenues reached EGP 54.6 billion during the year 2023, an increase of 36% over the company’s revenues for the year 2022.

The company also achieved an unprecedented volume of new contracts and grants worth EGP 139 billion during the year, an increase of 12% over the volume of contracts in 2022. These contracts include projects inside Egypt at a rate of 74% and contracts outside Egypt at a rate of 26%. Additionally, 24% of the total contracts are non-petroleum contracts and 76% are petroleum contracts.

Petrojet has also succeeded in securing a business volume with a total value of EGP 273 billion, consisting of ongoing projects from previous years and new grants covering until 2028.

Lotfy pointed out that Petrojet has implemented many measures to raise the efficiency and quality of operations and activities, the most important of which is adding the activity of designing and producing ready-mixed concrete to the company’s global accreditation ISO 9001 and adding the Pumping Unit Structure manufacturing activity to the approved manufacturing work for workshops.

During the meeting, Petrojet’s completion of its digital transformation plan was reviewed through the implementation of several measures, including activating six main models for the SAP program, increasing the number of SAP users to 4,200 users, and achieving interconnection and integration between many of the company’s processes and activities.

El Molla further stated that the oil and gas sector has a strong, pioneering entity that represents a strong executive arm due to the capabilities, vision, conscious leadership, and loyal cadres that make it a strong supporter in accelerating the implementation of projects.