Oil Ministry’s strategy aims to increase production of refineries

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Sun, 24 Mar 2019 - 10:24 GMT

Petroleum Minister Tarek el-Molla during his participation in Rome MED 2017 forum - Press photo

Petroleum Minister Tarek el-Molla during his participation in Rome MED 2017 forum - Press photo

CAIRO – 24 Mach 2019: Minister of Petroleum and Mineral Resources Tarek el-Molla stressed on the importance of continuing to raise the efficiency of operations, maximize profitability and apply the latest global technologies used in refining activities within the framework of his ministry’s strategy.

Molla clarified that the strategy aims at increasing domestic production of petroleum products from Egyptian refineries to meet domestic demand and work on improving the specifications of petroleum products and developing services for citizens.

This came during his presidency of a meeting of the general assembly of Middle East Oil Refinery (MIDOR) to review 2018 business results.

He asserted the importance of constant follow-up and periodical maintenance of production units in order to maintain operational capacities and to upgrade their competence to meet the quality, safety and environmental standards.

The minister further called for rationalizing expenditures and increasing the percentage of the local component in the implementation of refining projects and spare parts.

For his part, Chairman of MIDOR Gamal el Qaraesh said the company managed in 2018 to operate the oil refinery in full capacity, elaborating that it refined about 43.8 million barrels and produced over 5 million tons of various oil products.

Qaraesh added that around 1.8 million tons were exported to countries including Italy, Spain, Britain, U.S. and Romania, noting that exports represent 38 percent of the company’s production.

According to MIDOR chairman, a plan to expand the production by around 60 percent is going on as scheduled.

On Saturday, Molla said the oil sector continues the implementation of new action plans that aim to improve the efficiency of the transportation and distribution system of petroleum products in order to fulfill domestic needs.

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