EGPC investments hit LE1.9B in 2017/18: Minister

CAIRO - 16 September 2018: Investments of the Egyptian General Petroleum Corporation (EGPC) hit LE 1.9 billion during the 2017-2018 fiscal year, the petroleum minister said.

While chairing the general assemblies of EGPC, Petrogas, Alexandria Petroleum Company and the Egyptian Petrochemicals Company, Tarek el Molla underlined commitment to supporting the state-owned EGPC in view of great potentials to boost its investments in the coming period.

The minister said the petroleum sector realized one of its main strategic goals; namely securing domestic needs of petroleum products over the past few years.

He underlined the importance of developing refining labs, improving the quality of petroleum products and upgrading petrochemical factories.

Meanwhile, EGPC Chairman Mohsen Noubi said the company's production hit a record since its establishment with its output standing at 33 million barrels of oil equivalent during the year.

The company managed to secure a surplus of 36 million barrels of oil equivalent, he said.

Petrogas Chairman Adel Showeikh said the company managed to cover the local market needs of butane gas.

He noted that the company secured about 4.2 million tons of butane gas for local market.

Alexandria Petroleum Company Chairman Medhat Bahgat said the company refined about 4.3 million tons of crude oil, thus contributing to securing high quality petroleum products.

He noted that the value of the company's products is estimated at about EGP 50.6 billion.

Chairman of the Egyptian Petrochemicals Company Gaber Ahmed said upgrading production units had a great impact on developing the quality and quantity of the company's production which climbed to EGP 2.3 billion at an EGP 555 million uptick in comparison with the previous fiscal year.