Investments to develop public sector oil companies in 22/23 budget reach LE30B

CAIRO - 16 January 2022: Budget of new investments of public sector oil companies in Egypt reaches LE 30 billion in 2022/2023 budget for the first time, Minister of Petroleum Tarek el-Molla stated.

Molla noted that this comes within the framework of the ongoing development of these petroleum edifices.

The minister stressed in a statement that the volume of development and modernization that has been achieved in the petroleum sector projects, especially the refining industry, during the past few years is unprecedented, explaining that the fruits of economic reform led by the political leadership were successfully reflected in the availability of financial resources necessary for development and implementation of new projects and pumping unprecedented large investments.

This came during El-Molla presidency of  the first work of the general assemblies of public sector oil companies to approve the planning budgets for the next fiscal year 2022-2023, in the presence of Major General Mahmoud Shaarawy, Minister of Local Development, who headed the general assemblies of the Nasr and Suez Petroleum Manufacturing companies.

Molla referred to the ministry's efforts to raise the efficiency of petroleum projects in various activities, especially the development of old refineries in all respects, and to move forward with digital transformation within the framework of a comprehensive program for development and modernization that the ministry has adopted since 2016 to confront industry variables and tighten follow-up and control over the production process.

The minister stressed that the successful steps and projects that have been accomplished in the field of environmental compatibility for petroleum companies are of utmost importance in order to comply with environmental standards, in coordination with the Ministry of Environment and the Environmental Affairs Agency, noting that the ministry attaches the utmost importance to environmental aspects, he also stressed on giving the training of the human element a top priority to ensure the continuation of the desired performance.

For his part, Mahmoud Sharawy, Minister of Local Development, praised the remarkable development witnessed by the petroleum sector companies within the framework of the ambitious program for development and modernization and the concern for environmental compatibility and industrial security, which the Ministry of Petroleum and Mineral Resources attaches great importance to.

He pointed to the importance of informing public opinion of the efforts made in this field along with the development and progress made by the sector in the activities of research, exploration, production and provision of petroleum products and natural gas to the local market, stressing the ministry’s efforts that are currently being carried out within the framework of the distinguished program for environmental compatibility in coordination with the Ministry of Environment To preserve the environment and reduce emissions in accordance with environmental standards.

El Molla approved the new investment budgets for the Nasr Refining and Suez Oil Processing Companies, which were reviewed by Eng. Mohamed Abdullah, President of El Nasr Petroleum and Chemical Company, Hisham Fathy, President of Suez Petroleum Processing Company.