Today; the 25th of September, AMOC General Assembly convened with the presence of Eng. Tarek AlMolla; Minister of Petroleum and Mineral Resources, via video conference and the attendance of Abed Ezz ElRegal; CEO of Egyptian General Petroleum Corporation EGPC and the Vice Presidents; Chem. Ashraf El Shamy , Eng. Ashraf Abdallah, Mr. Khaled Ossman and Eng. Magdy Tawfik to consider and approve AMOC's annual report and agenda for the fiscal year 2020/2021.
His presidency praised AMOC's robust and achievable production plan as the company's total production of oil and wax registered 172 thousand tonnes which marked 108% more than expected and 109% YoY. On the other hand, the total production of gas oil, fuel oil, LPG and Naphtha reached 1.319 million tonnes marking 108% rise than expected and 102% YoY.
Deserving of mention, AMOC addressed the local market with approximately 701 thousand tonnes at a cost of 5.461 billion EGP; 339 million dollars. Besides, an average annual exports amounted to 791 thousand tonnes for almost 288 million dollars; 4.542 billion EGP.
The financial statements showed that AMOC achieved a net profit of 399 million EGP against last year's loss which was approximately 488 million EGP.
Chem. Ehab Abdel Halim; AMOC's Chairman and CEO gave a broad overview of the company's sustained integration planning process with sister companies in association with the Egyptian General Petroleum Corporation.
This bilateral cooperation has potentially a positive impact on a range of areas, much like:
Ongoing negotiations to process 35-40 thousand tonnes of crude oil at MIDOR monthly.
A successful integration with Alexandria Petroleum Company and Amreya Petroleum Refining Company to utilize AMOC's MDDU for diesel fuel processing.
Addressing the integration with Amreya Petroleum Refining Company , AMOC agreed on the trial operation of the light wax distillates and spindle oil aiming to produce SN 150 which in return will increase the added economic value of AMOC's products.
As initiated by the Ministry of Petroleum and Mineral Resources, AMOC is committed to ensure a proper environmental preservation and management of waste. Accordingly, the company adopts the study of implementing Zero Liquid Discharge ZLD system which targets the elimination of the liquid waste. AMOC signed an agreement with ANRPC to use the latter's water treatment plant for this purpose.
AMOC was conscientious to issue its sustainability report for four years in a row developing a pioneering mindset in this field in the Egyptian Oil and Gas sector.
His excellency ; Eng. Tarek Al Molla underlined the importance of administering HSE management standards as they contribute to the continuous improvement of all aspects of business performance.
AMOC has completed the case study research and conducted its gap analysis in order to improve business efficiency. Besides, AMOC provided risk management training and awareness to make sure that all the employees have the necessary skills to successfully apply it.