This announcement came during the Minister’s virtual chairmanship of the Cooperation Petroleum Company’s annual business results accreditation assembly for the fiscal year 2023/2024. The session was attended by Lieutenant General Kamel El-Wazir, Deputy Prime Minister for Industrial Development, and the Minister of Industry and Transport. Both ministers emphasized the state’s unified support for national entities, ensuring maximum utilization of their capacities and assets to attract further investment. Notable expansion opportunities include the development of ship supply activities, the proliferation of service stations along new traffic routes, and the transportation of petroleum products via railways.
Eng. Badawi commended the outstanding performance of the Cooperation Petroleum Company cadres, highlighting that the upcoming period will see a boost in marketing capabilities. This will enhance the provision of competitive services and products, particularly in the fields of oils and chemical industries, which are vital to both local markets and export opportunities.
Lieutenant General Kamel El-Wazir also praised the commendable efforts of the Cooperation Petroleum Company and Misr Petroleum companies in delivering petroleum and chemical products to the local market. Their collaboration with state agencies and commitment to continuous development have fortified their roles as key national entities supporting the economy.
The Chairman of Cooperation Petroleum Company, Mr. Nasser Shouma presented impressive production indicators for the past fiscal year. The company’s sales reached 7.5 million tons, with operations spanning 32 warehouses across Egypt, boasting a total storage capacity of 766 thousand tons—35% of Egypt’s total traded petroleum products. The company operates 1232 fueling and service stations equipped with the ATG system, and as part of its expansion plan, added 19 new stations this year, with 23 more in progress. The company has also extended its natural gas fueling services to 185 stations, and enhanced its high-value products, including synthetic oils, achieving a 4% increase in high-performance oil sales over the previous year.
The Cooperation Petroleum Company’s impressive results included notable achievements in the export market, with 1441 tons of oils sold internationally. The company’s ship supply operations are supported by six double-hulled tankers, and its total storage capacity at seaports stands at 41.8 thousand tons, with a sales value of $30 million. The company’s excellence extends to the production of chemicals and home care products under the VIDA brand, offering top-tier products in the Egyptian market.
The General Assembly meeting featured prominent figures like Eng. Salah El-Din Abdel Karim, CEO of the Egyptian General Petroleum Corporation, and other key industry leaders. Their collective efforts continue to drive the development and success of Egypt’s vibrant petroleum sector, ensuring a solid foundation for future growth and investment opportunities.