Egypt’s Ministry of Petroleum and Mineral Resources held the general assemblies of WEPCO—the operator of the El Hamra petroleum port at Alamein—and Badr Petroleum Company, chaired by Minister Karim Badawi via videoconference, to approve the financial results for fiscal year 2023/2024.
During the WEPCO meeting, the minister called El Hamra “a strategic pillar for attracting investment” and part of Egypt’s plan “to become a regional hub for energy trade and circulation.”
He directed that development of the port be accelerated in cooperation with the port of Fujairah in the United Arab Emirates, drawing on its experience so that El Hamra joins specialized global terminals on the Mediterranean.
WEPCO chairman Ibrahim Massoud presented operations at the port, saying crude-oil receipts and transfers totaled about 74 million barrels in 2023/2024. He also reviewed the northern expansion being executed by Petrojet, alongside southern expansion works to create a distribution center for petroleum products with storage capacity reaching 130,000 tonnes to serve New Alamein and Egypt’s western North Coast.
At Badr Petroleum Company’s assembly, the minister credited employees with raising production rates and said the ministry and the General Petroleum Authority (EGPC) stand ready to speed newly discovered wells to production.
EGPC chairman Salah Abdel-Karim said Badr Petroleum ranked first for production-growth rate among joint-venture companies this year.
Company chairman Ibrahim Massoud reported a qualitative jump at the Badr-1 area, with execution reaching 143% of the target plan and total daily output equivalent to 4,640 barrels of oil. He added that two exploration wells and two development wells were drilled, supporting output and capacity and adding new proven reserves of about 10 million barrels of oil equivalent.
WEPCO (Western Desert Petroleum Company) is the operator of the El Hamra petroleum port at Alamein and as a company within Egypt’s oil sector.
Badr Petroleum Company is a company operating the Badr-1 area and participating in Egypt’s joint-venture company framework.