Egypt’s Tanmia Petroleum Reports EGP35 Million Gross Profit in 2013

State-owned Tanmia Petroleum Company recorded gross profit amounting to EGP 35 billion in 2013, said Chairman and Managing Director Tarek El-Barkatawy on Sunday.

Tanmia – which means Development – is targeting a growth in profits within the current fiscal year through involving in multiple projects for developing the Egyptian oilfields, El-Barkatawy added.

In a recent statement to Amwal Al Ghad, El-Barkatawy noted that Tanmia Petroleum plans to fully take over 5 to 7 oilfields by the end of 2015.

Moreover, Tanmia’s chairman referred that his company is currently implementing with one of the energy firms in Egypt a major project for a newly-discovered natural gas field in Abo Senan in Egypt’s Western Desert. Tanmia is aiming for the completion of Abo Senan gas field within next May.

Tanmia Petroleum Company is an Oil & Gas Fields Development Company, Fully owned by the Government of Egypt.
The Shareholders (EGAS – ECHEM – GANOPE – Petrojet – Enppi) contribute their past experience and capabilities to the services that tanmia provides. Tanmia is registered Under the Investment Law with liberated Bylaws. The core business of the company is to develop the old fields upon the expiry of their concession agreements between Egyptian General Petroleum Corporation and the International Oil Companies. Tanmia Provides all the oil field services and consultations required to develop the oil & gas fields. Tanmia can pull-through all or any service that their shareholders provide to integrate them into a one-stop-shop solution.