Minister of Petroleum and Mineral Resources Tarek El Molla highlighted the ministry’s interest in localizing the national industry for the local component in petroleum projects, explaining that Petrojet’s distinction in this field during the past five years is a realistic and exemplary embodiment of this direction.

The minister’s remarks came during the general assembly of Petrojet to approve its business results for the year 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.

During the meeting, Walid Lotfy, Petrojet’s Chairman, reviewed the most important indicators of business results, explaining its success in achieving an unprecedented volume of business, as its revenues amounted to EGP 34.2 billion during the year 2021, a 6% increase over the year 2020, and an increase in net profit by 11.6% compared to 2020.

The company also achieved an unprecedented volume of contracts worth EGP 60 billion during 2021, an increase of 13.2% from 2020, and the contracts included projects inside Egypt worth EGP 58.2 billion and contracts outside Egypt worth EGP 1.8 billion, in addition to the success in securing a business volume with a total value of EGP 75 billion. These projects include ongoing ones from previous years and new bonds covering up to 2026.

Additionally, Petrojet actively takes part in the sector’s environmental projects through various initiatives, such as the signing of a memorandum of understanding for a coalition of Egyptian and international companies and major banks to implement decarbonization projects for oil and gas facilities in Egypt.