Local production of petrochemicals exceeded 4.3 million tons annually in fiscal year (FY) 2021/22, which doubled from around 2.1 million tons produced in 2015/16, the Egyptian Petrochemicals Holding Company's (ECHEM) Chairman Saad Helal stated, indicating that the company’s total revenues during the year increased by 85% to reach over EGP 3.3 billion.
The Chairman of South Valley Egyptian Petroleum Holding Company (Ganope) Nael Darwish announced that his company succeeded in increasing its reserves by adding 15 million barrels during fiscal year (FY) 2020/21 to reach its current average production of 23,000 barrels of crude oil per day (bbl/d) which increased by 10% from last year, in addition to 4.5 million cubic feet of natural gas and 8,300 tons of butane.
The expansion project will enhance its role as one of the important tributaries to feed the local market with its needs, as the project will raise the current production capacity of the refinery by 60% to reach 160,000 barrels per day, El Molla added.
During his visit to Alexandria, Tarek El Molla, Minister of Petroleum and Mineral Resources, gave the go-ahead to begin linking the Raven gas pipeline to the butane extraction plant in Al-Amirya, which was implemented by the Egyptian Natural Gas Company (GASCO).
Alexandria Mineral Oils Company (AMOC) Chairman Amr Lotfy announced that his company’s profits have increased by 262% during fiscal year (FY) 2021/22, recording EGP 1 billion compared to EGP 399 million in the last FY.
Abed Ezz El Regal, the Chairman of Abu Qir Fertilizers Company (AFC), declared that his company has achieved growth in its profits worth 158% reaching EGP 9 billion during fiscal year (FY) 2021/22, compared to EGP 3.5 billion during the previous year.
Minister of Finance Mohamed Maait announced that Egypt aims to increase its earnings from natural gas exports to $1 billion during the upcoming period noting that currently it gets about $500 million monthly from natural gas exports, Reuters reported.
While chairing the general assembly of the General Petroleum Company (GPC), Minister of Petroleum and Mineral Resources Tarek El Molla confirmed that GPC holds an advanced position when it comes to the production of oil and gas within the Egyptian petroleum industry after it ranked third in production rates, with up to 68,300 barrels of oil equivalent per day (boe/d), which also represents the highest rate in the company's history.
Co-operation Petroleum Company (COPETROLE) Chairman Ayman Naguib presented the most important business results during the year through its activities in the marketing of main petroleum products, lubricants, ship supply and petrochemical products. He explained that the total sold quantities amounted to about 7.3 million tons, with a value of EGP 60 billion.
