Cairo: Minister of Petroleum and Mineral Resources Karim Badawi announced an ambitious five-year plan aimed at enhancing Coop Petroleum's competitiveness and facilitating its expansion into international markets. This initiative will focus particularly on the lubricants and chemical industries, which present significant opportunities for boosting exports and entering new markets in neighboring countries.
According to State Information Service Egypt, Badawi made these statements during the General Assembly meeting of Coop Petroleum, which was convened to approve the company's financial results for the 2025/2026 fiscal year. The meeting saw the virtual attendance of key figures such as Mahmoud Esmat, Minister of Electricity and Renewable Energy, and Manal Awad, Minister of Local Development and Environment, alongside senior officials from various petroleum-related organizations and the General Union of Petroleum Workers.
The minister instructed the company's management to devise a comprehensive business plan for the next five years. This plan will target increased growth rates, service and product expansion, and a shift from the domestic market to neighboring regions. The goal is to bolster the company's competitiveness, enhance operational efficiency, and sustain its growth and profitability.
Badawi emphasized the importance of maintaining high-quality standards in products and services, leveraging Coop Petroleum's accumulated expertise to optimize returns, and adhering to strict occupational health and safety standards to build customer trust and competitiveness.
Coop Petroleum Chairman Mostafa El-Sayed provided a detailed review of the company's performance from July 2025 to June 2026, highlighting a 43% increase in net profit compared to the previous year. The company experienced record growth across several sectors, including a 30% rise in lubricant exports and an expanded market share of approximately 16%.
El-Sayed also reported a remarkable increase in the company's marine bunkering business, with marine fuel volumes skyrocketing to about 107,000 tons, a 610% increase from the previous year. Domestic bunker supplies reached around 65,000 tons, contributing to the company's foreign-currency earnings. Revenue from marine bunker fuel sales and services provided to cargo shipments soared to approximately $80 million, marking a 485% growth.
The chairman further noted that marine lubricant sales hit approximately 1,500 tons, valued at $3.7 million, a 30% increase from the previous year. He affirmed that the company would continue its efforts to expand this sector and target new markets.