PetroJet’s net profit hikes 14% year on year

Doaa Farid
2 Min Read

Petroleum projects and technical consultations company PetroJet reported a 14% year on year increase in its net profits in 2013, marking EGP 4.6bn in revenues, according to a Friday statement from the Ministry of Petroleum.

The financial results reflect the company’s success in boosting its business volume after a two year slump in 2011 and 2012, the ministry reported.

PetroJet in 2013 launched operations in a number of sectors, including transportation, electricity and renewable energy and also completed projects for the benefit of the armed forces and the police, the statement said. The company has helped to build a new gasoline production unit in Alexandria, among other projects.

In addition to its work within Egypt, last year, the company implemented projects in other Arab countries, including Iraq, Saudi Arabia, United Arab Emirates, Algeria, Jordan and Oman, said the company’s chairman Mohamed Shimy, during a meeting Friday with Minister of Petroleum Sherif Ismail.

PetroJet also launched a branch in Mozambique and signed an agreement to establish a gas pipeline in Nigeria, Shimy said.

The government-affiliated Egyptian General Petroleum Corporation owns 97% of PetroJet shares.

Aiming to increase Egypt’s oil and gas production, Ismail on 19 March signed three separate $717m agreements with British and Canadian firms for oil and natural gas exploration in the Mediterranean and Nile Delta regions.

Since November, the Ministry of Petroleum has signed 29 contracts for oil and gas exploration, representing at least $2bn in investments, Ismail said.

Ismail originally announced that his ministry planned to sign just 21 agreements, the first to be made since 2010, with the aim of boosting investments in oil research and exploration fields in order to increase oil and natural gas production and reserves.

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