Misr Petroleum eyes revenues in FY20/21

Sales of jet fuel are planned to reach 1.1mln tonnes

  

Cairo – Mubasher: Misr Petroleum Company aims to achieve an all-time high of EGP 72 billion in revenues during fiscal year 2020/2021, the company’s chairman Hussein Fathy said.

The company plans to sell 8.8 million tonnes of petroleum products, oils, and chemicals over the course of the next fiscal year, Fathy revealed in a statement released by the Egyptian Ministry of Petroleum and Mineral Resources on Sunday.

Sales of jet fuel are planned to reach 1.1 million tonnes, while sales of vessel fuel are targeted to hit about 190,000 tonnes.

In addition, the company also aims to export engine oils and synthetic oils at a total value of EGP 50 million to several African countries, including Kenya, Rwanda, Sudan, Uganda, and Nigeria in the coming fiscal year.

Misr Petroleum Company has already started in exporting shipments of oils to Kenya, Rwanda, and Uganda during the first half of FY19/20.

Investments worth EGP 755 million are planned to be injected into several projects during the coming fiscal year, including renewing and rehabilitating the company’s assets, boosting its fleet of oil tankers, and developing the industrial security system, Fathy revealed.

Source: Mubasher

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