Ibrahim Massoud, the Chairman of the companies Western Desert Operating Petroleum Company (WEPCO) and Badr El Din Petroleum Company (BAPETCO), has showcased the latest achievements done by the two companies and their business plan for the fiscal year (FY) 2024/25.
This came during the general assembly meeting of the two companies headed by the Minister of Petroleum and Mineral Resources Tarek El Molla to approve the planned budget for FY 2024/25.
Massoud presented the executive situation of an expansion project for the northern and southern regions of El Hamra Petroleum Port. The Chairman stated the expansion of the northern region includes the establishment of warehouses to store and trade crude oil with a capacity of 8 million barrels at El Hamra port, as well as the establishment of linking lines with El Hamra port in addition to the electricity station.
He added that the southern expansion involves building three warehouses for storing and trading diesel, the construction of a station for electricity distribution and the needed facilities and infrastructures, linking to the northern region as well as construction of three warehouses for octane and two for jet fuel.
Massoud noted the storing and shipping of petroleum products area with a capacity of 400,000 tons elaborating that it will help reduce the movement of vehicles transporting petroleum products on the coastal road, as well as serve the new communities in El Alamein.
The plan for trading crude oil during the FY 2024/25 was also reviewed as well as the circulation of 95 million barrels of oil by El Hamra Port facilities at a daily rate of 260,000 barrels. The Chairman said that WEPCO will witness the addition of the activity of trading petroleum products and storing crude oil, next year, on behalf of others, which will have a significant impact on increasing economic returns.
Minister El Molla emphasized the significance of the New Alamein petroleum sector infrastructure, calling it a valuable asset for Egypt and its economy. He explained that all petroleum expansions in the region are part of a proactive vision within the 2016 modernization project. This vision, developed and implemented by the petroleum sector, aims to keep pace with and support the ongoing development in New Alamein and the wider northwestern coastal region.
The minister added that the ongoing expansion projects in the northern and southern regions of the El Hamra Petroleum Port represent a practical translation of those visions and strategies, as they work to increase the port’s crude storage capacities in an unprecedented manner, support its important role as a major center in the Mediterranean region, and inaugurate a strategic area for storing, trading, and shipping various petroleum products in New Alamein, the first phase of which is planned to be operated next summer.
Regarding BAPETCO, Massoud presented the company’s plan to drill new wells and the development project of the Badr-1 field in the field digitalization and benefit from flare gas and emissions reduction.
During the general assembly, El Molla gave directions towards setting an ambitious plan to increase the production of the Badr-1 field in the Western Desert operated by the company.