This came during Tanmia Petroleum's general assembly to discuss and approve the company's 2024 business results. The company is a major arm of the petroleum sector, providing specialized technical and digital services and solutions for oil production fields and well drilling activities, in addition to implementing solar energy projects at production sites.
Badawi added that these efforts aim to reduce operational costs and minimize consumption and waste without compromising efficiency, which reduces the import bill and benefits the sector and the state. He noted that Egyptian petroleum companies have proven their ability to implement mega projects at world-class standards and are currently expanding strategic partnerships to implement more important projects inside and outside Egypt and open new markets for them in various fields. He directed the company to work collaboratively to grow the company in competitive business areas and to prepare an action plan for its potential entry into mining activities in the future.
Engineer Moustafa Amer, Chairman of Tanmia Petroleum Company, explained that the company achieved more than two million safe working hours during the year, confirming its commitment to implementing occupational safety and health standards, which are a top priority. In line with the strategy of the Ministry of Petroleum and Mineral Resources, the company succeeded in achieving the strategic goal of "zero accidents," with no work-related injuries, traffic accidents, fires, or equipment losses. During the year, Tanmia obtained comprehensive ISO certifications for quality, safety, occupational health, and environmental protection.
He pointed out that Tanmia will continue to increase its business volume and cooperation with petroleum sector companies during 2024. The total number of contracts it is implementing has reached 115 with 44 companies, covering the provision of 36 diverse services. These contracts include 24 new contracts that the company successfully added to its total contracts in 2024, reflecting the confidence petroleum sector companies have in Tanmia.
The company's growing business volume contributed to a jump in its net profit after tax to EGP 533 million, compared to EGP 139 million in 2023, an increase of 383%. Tanmia has confirmed its leadership in facilitating early production from new wells, operating approximately 50 production stations with a production capacity of up to 41,000 barrels per day. As part of its plan to meet customer needs, the company recently added 10,000 barrel storage tanks to its assets to enhance its capabilities and ensure fulfillment of its commitments to partners and customers.
The company has also implemented five solar power plant projects in the fields of Petrofarah, Osoco, Khalda, Agiba, and Norpetco. These projects aim to meet the energy needs of wells, relying on solar energy as an alternative to diesel, reducing emissions and rationalizing traditional fuel consumption through a sustainable alternative to operating wells such as solar energy.