Monday Minutes: Economic Snapshot
A summary of last week’s major macroeconomic updates and indicators brought to you on one page for your convenience.
News / Egypt
El Molla, European Commission Vice-President Discuss Energy Cooperation
Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources received Frans Timmermans, Vice-President of the European Union Commission for the European Green Deal and the European Commissioner for Climate Action and his accompanying delegation.
Enppi’s Net Profits Increased by 22% in 2021
Engineering for Petroleum & Process Industries Company (Enppi) Chairman Mohamed Abdel Aziz announced that in 2021 the company achieved an increase in net profit by 22%, compared to last year.
Misr Phosphate Company’s 2021 Production Reaches 2.7M Tons, Increases by 12.5%
Production is the main pillar of the company and the secret of its strength, as the amount of production during 2021 reached about 2.7 million tons, an increase of 12.5% over 2020.
MOPCO Revenues Increase by 40% in 2021
Misr Fertilizer Production Company (MOPCO) announced that it had achieved total revenues of around EGP 10.3 billion in 2021, an increase of 40% over the previous year.
TransGlobe Releases Operational Update for Q1 2022
According to the company's production Summary, TransGlobe's production from Egypt reached a year-to-date (YTD) average of 10,045 barrels of oil equivalent per day (boe/d). In Egypt production was impacted by poor weather in February and higher water cuts than anticipated at South Ghazalat.
Petrojet’s Revenues Reach EGP 34.2B in 2021
El Molla explained that the implementation of the ministry's strategy reflected positively on the success of Petrojet's plan during the past five years and its achievement of tangible results that speak for themselves, which are considered a success story to be emulated, stressing the importance of supporting digital transformation, safety, human capacity development, and empowering youth and women.
El Molla, EU Ambassador Discuss Development Efforts, COP 27
Minister of Petroleum and Mineral Resources, Tarek El Molla, received Christian Berger, the Ambassador of the European Union (EU) in Cairo, and his accompanying delegation, where they reviewed areas of joint cooperation between the petroleum sector and European companies.
Tanmia Petroleum Profits Increase by 50% in 2021
Tanmia Petroleum’s Chairman and Managing Director, Ahmed Bahgat, reviewed the company’s activity during 2021 and what it included in achieving an increase in the company’s profits by 50 percent over the year before, in light of the challenges that the company faced.
Town Gas Revenues Record EGP 3 B in 2021
The Egyptian Company for the Distribution of Natural Gas for Cities (Town Gas) held a general assembly meeting to approve the results of its work during 2021, in the presence of Magdy Galal, Chairman of the Egyptian Natural Gas Holding Company (EGAS), and Alaa Al Batal, the Egyptian General Petroleum Corporation (EGPC)’s Chairman.
