Egypt

The highest diesel production since its inception and the best revenue in 5 years

Published on : 2020-03-30

Eng. Tariq Al-Mulla assigned the Minister of Petroleum and Mineral Resources the Supreme Committee for Refining Projects to review the executive position of all new refining projects currently under implementation and the impact of the current status of the Coronavirus on the implementation timelines as well as the measures that will be taken to meet the repercussions of this emergency situation, stressing the importance of continuing to implement the strategic plan for the sector Petroleum in the medium term to increase Egypt's capabilities in the oil refining industry by establishing new refineries and supporting existing laboratories with new expansions and production units, which contributes to continuing to meet the basic needs of oil Residents and the development sectors of all types of petroleum fuels and petroleum products, adding that the current plan focuses mainly on increasing the production capacities of high-quality products, especially diesel, gas, and high-octane gasoline to reduce the quantities that are imported for these vital products to meet domestic demand, which leads to partially reducing the import burden. From the shoulders of the state budget.

 This came during the meeting of the General Assembly of the Middle East Petroleum Refining Company "MIDOR" via video conference to approve the results of the company's business for 2019, with the participation of Eng. Abed Azal Rijal, CEO of the Petroleum and Accounting Authority, Nermin Abdel-Fattah, first representative of the Central Auditing Authority.

 The chemist Jamal Al-Qaraish, President of the MIDOR company, explained that the company succeeded in dealing with the fluctuations witnessed by the global oil markets, achieving during the year 2019 its highest revenues in 5 years, worth $ 2.4 billion, adding that it succeeded in producing about 1.5 million tons of high-quality petroleum products during In 2019, by refining 38.7 million barrels of crude, achieving the highest rate of production of diesel since the plant started operating at 2.5 million tons, which represents about 50% of the current plant’s total production of petroleum products.

 He pointed out that the MIDOR plant contributed about 61% of its production to meet an important aspect of the needs of the local market with a value of 1.3 billion dollars, and was able to export high-quality petroleum products to global markets with a value of 1.1 billion dollars.

 With regard to the new expansion project for the MIDOR plant to increase production capacity by 60% and its investment amounting to $ 2.3 billion, Al-Quraish explained that MIDOR managed to put it into effect after completing financing procedures with the banks that finance the project, and that it raised the size of the local component of the project, especially after assigning some manufacturing work And the supply to Petrojet Company, the executive arm of the petroleum sector, with a value of 8.2 million dollars, adding that it succeeded in doubling its capital for the expansions project, and the shareholders pumped 440 million dollars in the value of the increase according to the timetable specified in this regard. Billion pounds, taxes and fees for the state treasury since the approval subject to tax.

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