Nasr Petroleum invests $2.2bln in FY20/21

The company's general assembly headed by the Minister of Petroleum

  
Image used for illustrative purpose. The Mostord oil refinery in Cairo, May 6, 2008.

Image used for illustrative purpose. The Mostord oil refinery in Cairo, May 6, 2008.

REUTERS/Nasser Nuri

Cairo – Mubasher: Nasr Petroleum Company has injected $2.2 billion in several projects during fiscal year (FY) 2020/2021, including the condensate distillation project with a capacity of 1.2 million tonnes annually, the company's Chairman, Mohamed Abdullah Hassan, said.

The company also established a new line for asphalt and four new warehouses as well as replacement and renovation projects, the chairman added in a statement by the Ministry of Petroleum and Mineral Resources on Thursday.

This came during the company's general assembly headed by the Minister of Petroleum, Tarek El-Molla, to approve the business results for FY20/21.

The company has refined 3.7 million tonnes of crude oil which provided part of the local market's needs of butane, naphtha, jet fuel, diesel, mazut, and asphalt.

Moreover, the output value of Nasr Petroleum Company's refinery reached EGP 2.7 billion in FY20/21, an increase of 16% year-on-year (YoY).

The company's petroleum exports rose by 23% YoY to more than $1 billion in the year ended 30 June.

Source: Mubasher

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