Minister of Petroleum and Mineral Resources Tarek El-Molla has announced that the new budget of the Assiut Oil Refining Company (ASORC) and the Petroleum Pipelines Company (PPC) targets investments amounting to about EGP 7bn to raise the efficiency of the production system.

According to a Wednesday statement, this enhancement is set to be done through developing and modernising production units using the latest equipment and advanced technologies for the safety of operations and the preservation of human resources.

After the general assembly meetings of the two companiesto approve their planning budget for FY2022/23, El-Molla said that the new budget also aims to complete digital transformation projects within the framework of a project to develop and modernise the petroleum sector.

This project will be implemented in all petroleum companies in addition to other projects to build several new pipelines to keep pace with the states plans to expand in new cities such as New El Alamein.

He stressed that the new petrol production complex at ASORC is one of the important projects implemented by the petroleum sector in Upper Egypt. It was inaugurated by President Abdel Fattah El Sisi during the Upper Egypt Week. He highlighted the complexs important role in providing the governorates of Upper Egypts needs of petroleum products, especially gasoline, which has been 100% provided.

The minister pointed out that the oil pipeline network is essential for the states development goals, as it will transport crude oil and petroleum products to and from production sites, refineries, consumption places, and ports whether for export or import.

This highlights the important role that Egypt plays as a regional hub for oil and gas trade.

During the two assemblies, Maged Mustafa Al-Kurdi, the President of ASORC; and Mohamed Bakheet, the President of the PPC gave a presentation on the details of the planning budget for FY2022/2023.

2022 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an as is and as available basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.