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Ibrahim Mekky, Chairman and Managing
Director of the Misr Fertilizer Production Company (MOPCO), one of the
petroleum sector companies, said that the total revenues for the fiscal year
2021 are about 10.3 billion pounds, compared to about 7.3 billion pounds from
the previous year, an increase of 40%, in When the expenditures for the fiscal
year 2021 amounted to about 4.6 billion pounds, compared to 3.9 billion pounds
for the previous year.
This came during the company’s
ordinary general assembly, in the presence of Eng. Saad Helal, President of the
Petrochemical Holding Company members of
the general assembly, the company’s board of directors, representatives of the
Financial Supervisory Authority, the Central Auditing Organization, and
representatives of major shareholders and the public offering.
The Chairman of the Board of
Directors praised the efforts made by all employees, which led to the full
realization of the production plan despite the many challenges in light of
global economic fluctuations.
Makki explained that during the
fiscal year 2021, MOPCO achieved the target of the production plan and was able
to fulfill its obligations, which resulted in the continuity of marketing
products internally and externally.
Within the framework of the company’s
future plans for development, expansion and raising production capacity, the
company is currently implementing (3) integrated projects that achieve the
highest added value of natural gas and its product, achieve sustainability and
preserve the environment:
The project of establishing a unit to
recover carbon dioxide from the company’s stacks (Co2 Recovery)
A project to raise the production
capacity of urea and ammonia producers (UREA & AMMONIA REVAMP) with an
annual amount of 109 thousand tons for ammonia and 190 thousand tons for urea.
A project to establish a factory for
the production of melamine used in adhesives for the manufacture of wood and
high-resistance concrete.
It is worth noting that the excess
urea quantities will be used in value-added projects such as the methanol
derivatives project of SMD and the melamine project, provided that the excess quantities of urea will be
sold in the local or export markets.