AMOC General Assembly 2022


In the presence of his Excellency, Eng. Tarek AlMolla; Minister of Petroleum and Mineral Resources via video conference, AMOC General Assembly convened today the 24th of September 2022 with the presence of Mr. Alaa AlBatal; CEO of Egyptian General Petroleum Corporation EGPC and the vice presidents Acc. Ashraf Abdallah; Assistant Minister for Finance, Trade and Economy, Acc. Khaled Othman; Deputy Head of the EGPC, Eng. Ayman Emara; Executive Vice President for Projects and Planning, Acc. Hossam AlTony; Executive Vice President for Administrative Affairs and Chem. Mohamed Aly Hassanin; Executive Vice President for Refinery and Processing to consider and approve AMOC’s annual report and agenda for the fiscal year 2021/2022. His Presidency commended AMOC’s achievable production target that delivered high-quality products efficiently with an optimum utilization of resources in fulfilment to the market demand. With a view to the Climate Change Conference 2020 COP27 that’s to be held in Egypt, his Excellency declared the significance of the initiatives and the successful HSE Management System adopted by the company to curb carbon emissions and energy consumption reduction. In his statement, Eng. Amr Lotfy; AMOC’s chairman and CEO reported that AMOC’s total production for the fiscal year 2021/2022 has successfully hit the production target as the total production of oil and wax registered 189 thousand tonnes which marked 110% YoY. In the other hand, the total production of gas oil, fuel oil, LPG and Naphtha reached 1.4 million tonnes marking 105 % YoY. Deserving of mention, AMOC addressed the market with approximately 1.5 million tonnes with an average increase 55.5 thousands tonnes than the last year. Accordingly, AMOC’s total cost of sales attained 18.2 billion EGP with an increase about 8.2 billion EGP YoY. Besides, average exports equal to 294 million USD. Owing to these results and AMOC’s efforts towards production optimization and seeking new opportunities to expand market’s activities, the financial statements showed that AMOC achieved a net profit of one billion EGP against last year’s 399 million EGP, in other words, an increase about 262%.