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Cairo – Mubasher: Middle East Oil Refinery (MIDOR) achieved its highest revenues in five years after generating $2.4 billion in 2019 despite the volatilities in the international oil market, the company’s chairman Gamal El-Kareish said.
MIDOR produced about 5.1 million tonnes of high-quality petroleum products in 2019 after refining 38.7 million barrels of crude oil, El-Kareish added in a statement released by the Ministry of Petroleum on Monday.
The company’s diesel output reached its highest level ever of 2.5 million tonnes, making up 50% of the total petroleum production, he pointed out.
In addition, MIDOR also contributed 60% to the total local needs at a value of $1.3 billion and exported high-quality petroleum products at a value of $1.1 billion.
Shareholders have injected $440 million into the company’s capital to be directed to its expansion projects.
The company plans to increase its output capacity by 60% with investments of $2.3 billion.
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