CAIRO – 24 Mach 2019: Egypt’s Minister of Petroleum and Mineral Resources Tarek el-Molla asserted the necessity to apply the latest global technologies used in refining activities, of continuing to raise the efficiency of operations, and maximize profitability within the framework of his ministry’s strategy.
Petroleum Ministry 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.
Furthermore, the minister called for rationalizing expenditures and increasing the percentage of the local component in the implementation of refining projects and spare parts.
On 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.
Sun, Mar. 24, 2019
