PHOTO
The generated income is the highest in five years, ElKareish elaborated, according to the Cabinet’s statement.
MIDOR has produced approximately 5.1 million tons of high quality petroleum products last year. This output resulted from refining 38.7 million barrels of crude oil.
In addition, the company recorded the highest diesel production level of 2.5 million tons, representing 50% of total petroleum output.
About 61% of MIDOR’s production supplied the local market in Egypt with up to $1.3 billion in value.
MIDOR has exported $1.1 billion worth of high quality petroleum products in 2019, ElKareish remarked.
As for the expansion plans, MIDOR plans to increase production capacity by 60%. The refinery has total investments of $2.3 billion.
Furthermore, the company has assigned to Petrojet, the executive arm of the petroleum sector, projects worth $8.2 million.
ElKareish noted that the company has paid about $2 billion of taxes and fees to the state treasury.
MIDOR’s shareholders have injected $440 million for expansion purposes.
Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).