Egyptian Petrochemical Company Chairman, Ahmed Mowakea, reviewed the most important business results achieved by the company during fiscal year 2023/24. Mowakea further reviewed the projects that were implemented to increase the production capacities of chlorine; caustic soda; vinyl chloride monomer; and polyvinyl chloride factories.
The Prime Minister Mostafa Madbouly stated that the government targets to increase the production of the fertilizers after proving the needed natural gas for the plants aiming to eliminate the black market.
The Ministry of Petroleum and Mineral Resources and the Ministry of Electricity and Renewable Energy have announced the completion of procedures to reduce electrical loads for an additional hour, which was limited to June 4th only, as was scheduled. This load reduction came in light of preventive maintenance work for part of the national gas grid with electricity consumption rates increase, which is caused by rising temperatures.
The minister examined the procedures followed to provide supplies and the requirements for increasing consumption of natural gas and fuel in light of the rising temperatures that the country is witnessing.
In the most recent escalation between Israel and Iran, the two sides have, for the first time, directly confronted each other, abandoning the use of proxies in Lebanon, Yemen, Syria and Iraq. Although the escalation did not result in substantial damage, it has drawn attention to the potential threat of a real escalation between Iran and Israel. The implications extend to both regional security and the stability of the energy market.
The company reported strong financial performance in Q1 2024, with revenue of $193 million and a gross profit margin of 44%. This translated to a significant year-over-year increase of 4.3% in net profit, reaching $62.6 million.
As part of his visit to the governorates of Port Said and Damietta, Prime Minister Mostafa Madbouly has inspected the Misr Fertilizers Production Company's (MOPCO) factory.
Prime Minister Mostafa Madbouly has held a meeting to follow up on the status of the agricultural fertilizer production and distribution system.
The International Drilling Material Manufacturing Company (IDM) led by a joint alliance with major raw materials factories, succeeded in winning a tender from Khalda Petroleum Company worth $200 million to manage the manufacture and supply of 45,000 tons annually of well drilling equipment and supplies for a period of 3 years.
