3 - 9 January 2002
Issue No.567
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Al-Ahram Weekly Online 3 - 9 January 2002 Issue No.567 |
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New stations
The Emirates General Petroleum Corporation (Emarat) and the Egyptian Middle East Tankage and Pipeline (MEDTAP) last week signed a letter of understanding under which Emarat will set up 69 service stations throughout the country by 2007."A number of these stations will be operational by 2003," said Rashid El-Shamsi, Emarat's deputy general manager of sales and marketing. According to El-Shamsi, the joint venture is only the beginning of a more fruitful cooperation between both countries.
Emarat's stations in Egypt will run in the same manner as those in the United Arab of Emirates (UAE). The stations will offer 24-hour service, including gas supply, vehicle check-up, a complete oil change and a mini-market.
According to an Egyptian source who preferred to remain anonymous, Emarat will start its activities in Egypt with approximately $30 million investment. The source noted that the volume of investment is expected to grow once the corporation covers more oil activities in Egypt. Among the most likely fields of future cooperation are aviation fuelling services and the production and distribution of liquefied petroleum gas (LPG).
Established in 1980 to assume responsibility for the marketing and distribution of petroleum products in the UAE, Emarat now owns and operates the largest natural gas distribution system in the northern Emirates. Emarat's arrival in Egypt is in line with the company's policy of looking for new, prominent markets to set up service stations. "In 2000, Emarat's net profits totalled 145 million dirhams," said El-Shamsi. "In 2001, the forecast is set at 350 million dirhams."
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