Petrojet to raise authorized capital to LE 5B

CAIRO – 12 June 2018: The extraordinary general assembly of the Petroleum Projects & Technical Consultations Co (Petrojet), affiliated to the petroleum sector, approved to increase the authorized capital to LE 5 billion ($279.98 million), from LE 2.5 billion.

The assembly also approved to increase the issued capital to LE 3.6 billion from LE 2.5 billion, according to a statement.

The extraordinary general assembly was headed by Minister of Petroleum Tarek el-Molla, in the presence of Head of Egyptian General Petroleum Corporation (EGPC) Abed Ezz, CEO of Petrojet Waleed Lotfy and the board of directors’ members.

Molla said that Petrojet operates within a successful system for the petroleum sector and is considered to be the executive arm of all the sector’s projects.

He added that the presence of Petrojet outside Egypt is a model for the sector's ability to succeed abroad.

According to the statement, the presence of Petrojet in foreign countries contributed to the opening of many areas of cooperation and integration with a number of companies of the sector such as ENPI, Petromant, PMS, PAS, Gas Egypt and Fajr.

The company’s projects outside Egypt include: gas separation plant project of Siba field in Iraq, the construction of 26 storage depots in Kuwait, the central processing plant of the Témion field in Algeria and the construction of the Duqm gas pipeline in Oman.

In 2017, Petrojet implemented 80 national and petroleum projects and accomplished revenues of LE 23 billion with an increase of 90 percent, compared with 2016.