Cairo Oil endorses $6.5mn-investments in FY 2017/18 budget

Egypt-based Cairo Oil Refining Company (CORC) allocated investments worth 123 million Egyptian pounds (around US$6.5 million) among its budget for financial year 2017/18 to upgrade its refineries.

During his speech in company’s general assembly, Chairman Mohamed Hashish stated that these investments would be dedicated for upgrading refining units in firm’s Mostorod and Tanta plants besides boosting their capacities.

He added that Tanta and Mostorod plants witness ongoing projects so as to raise the capacity of the operating units.

Besides its main business, Cairo Oil is working on expanding activities of manufacturing petroleum equipment locally as well as providing technical services for oil firms, Hashish noted.