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.