Minister of Petroleum Tarek El-Molla - File photo Minister of Petroleum Tarek El-Molla - File photo

Three local petroleum firms register production increase

Sun, Sep. 10, 2017
CAIRO – 10 September 2017: Minister of Petroleum Tarek el-Molla held meetings Sunday with three petroleum companies, namely Suez Oil Processing (SOPC), Nasr Petroleum Company (NPC) and Petroleum Pipelines Company (PPP), to review their financial results for fiscal year (FY) 2016/2017.

SOPC produced an output worth LE 1.9 billion over the previous fiscal year, recording a 28 percent increase in FY 2015/2016, the company’s head Mohamed Eliwa said, according to a statement from the Ministry of Petroleum.

The ministry-affiliated company invested LE 111 million in renovating and replacing production units, Eliwa said, adding that SOPC is working on new projects that include building two units for phosphate production, with the cost of $79 million, and another unit for butane gas production with the cost of $75 million.

Molla also met with NPC head Nabil Fahmy, who said that his company has processed around 2.8 million tons of crude oil that secured the needs of the domestic market from butane gas, naphtha, fuel, diesel, fuel oil and asphalt.

The company’s output recorded LE 1.5 billion, with 20 percent increase year-on-year, while total investments reached LE 191 million.

Head of Petroleum Pipelines Company, Abdel Moneim Hafez, said that his company raised efficiency of the network and pumping storage plants.

It also built a number of new pipelines and renewed exiting lines in Helwan and Ain Sokhna, Hafez said, noting that the pipeline, under construction, which will transfer butane gas to Upper Egypt, is now 91 percent complete.
 
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