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+20 122 693 5503
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info@jass-eg.com
+20 122 693 5503
info@jass-eg.com
COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.
Egypt exported polyvinyl chloride (PVC) and liquid caustic soda to Italy, Portugal, Cyprus, Greek, Brazil, Morocco, Jordan, Syria, Sudan, and Algeria at a cost of $17 million, with total investments reaching EGP 355 million, according to a press release.
Chairman of the Egyptian Petrochemicals Holdding Company (ECHEM), Mohamed Abdel Aziz, said that the rate of petrochemical production reached 88,000 tons which produced about 42,400 tons of PVC and 33,700 tons of liquid caustic soda worth EGP 510 million.
Abdel Aziz showcased the implemented projects as well as ongoing projects to raise production capacity of PVC from 80,000 tons to 200,000 tons yearly.
This was presented during the general assembly meetings of some petrochemical companies; including ECHEM and Amreya Petroleum Refining Company’s (APRC). Tarek El Molla, Minister of Petroleum and Mineral Resources, encouraged connecting refineries to the Egyptian General Petroleum Corporation (EGPC) through the ERP management system, in addition to utilizing a linear software system in order for the industry to reach a new milestone during the coming period.
Medhat Bahgat, the Chairman of Alexandria Petroleum company, stated that $360 million petroleum products were exported to Italy, Spain, Holland, Tunis, Malta, and Denmark in addition to feeding companies of Alexandria Mineral Oils (AMOC), Alexandria National Refine and Petrochemical (ANRPC), Alexandria Specialty Petroleum Products (ASSPC), Egyptian Linear Alkyl Benzene (ELAB) with amounts of mazut and naphtha worth $434 million. He added that 4.5 million tons of crude oil were refined, contributing to fulfilling the local market needs of petroleum products.
For his part, Ali Badr, APRC’s Chairman, stated that the company refined 3.6 million tons of crude; contributing to 15% of Egypt’s total refining capacity in fiscal year (FY) 2019/20. He noted that APRC was able to provide several petroleum products with investments of EGP 219 million. These products include; butane, diesel, gasoline, kerosene, mazut, alkylbenzene, oils, and special products.
El Molla stressed the importance of developing the refining and manufacturing system to meet the needs of the local market of petroleum products, taking into consideration the commitment to preserve the environment. The minister indicated that several new projects will be implemented in refineries to increase operations efficiency.
Eni and BP have announced a new natural gas discovery in Great Nooros Area which is located in the Abu Madi West Development Lease, in the conventional waters of the Nile Delta, offshore Egypt, a statement issued by Eni reported.
The preliminary evaluation of the well results indicates that the Great Nooros Area gas in place can be estimated in excess of 4 trillion cubic feet (Tcf).
The company explained that the new discovery was achieved through the Nidoco NW-1 exploratory well discovered in July 2015. The Nidoco NW-1 exploratory well is located 16 meters of water depth, 5 km from the coast and 4 km north from the Nooros field.
The discovery includes gas-bearing sands with total thickness of 100 meters, of which 50 meters within the Pliocene sands of the Kafr-El-Sheik formations and 50 meters within the Messinian age sandstone of the Abu Madi formations. The new level of Abu Madi formations, which was not yet encountered in the Nooros field, unlocks high potential of the Great Nooros Area, with further extension of the gas potential to the North of the field.
Eni, together with its partner BP, which is the contractor member for this area, in coordination with the Egyptian petroleum sector, will start studying the development options of this new discovery and how to utilize such cooperation as well as the area’s infrastructure.
Eni, through its subsidiary IEOC, holds a 75% stake in the license of Abu Madi West Development Lease, while BP holds the remaining 25% stake. The operator is Petrobel, a 50:50 joint venture between IEOC and the state company Egyptian General Petroleum Corporation (EGPC).
