Egypt

Nasr Petroleum, Egypt targets refining 2.5mln tons of crude oil in FY2023/24

Published on : 2023-12-18

Nasr Petroleum Company is targeting refining around 2.5 million tons of crude oil in fiscal year (FY) 2023/2024, compared to 2.4 million tons in the last FY, to meet the local market’s demand, an official at the firm told Al Arabiya Business.

Moreover, the company’s revenues rose by 16% year on year (YoY) in FY 2022/2023 to EGP 3.34 billion from EGP 2.89 billion, the official pointed out, expecting revenues to exceed EGP 3.5 billion in the current FY.

He added that the company managed to export petroleum products worth $435 million during the elapsed FY.

ADES wins jackup drilling contract in Egypt

Saudi-listed ADES Holding Company said it has received a direct award of contract (DAC) from Suez Oil Company (SUCO) in Egypt for three jackup drilling rigs in the Gulf of Suez, which is expected to commence in the coming weeks.