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PART TWO
OAPEC Activities in 2012
rates prevailing in transport market.
The company supplies and transports liquefied gas to the Egyptian
General Petroleum Corporation (EGPC) (about 1.6 million tons per
annum), using its own liquefied gas tankers, in addition to other chartered
tankers from other Arab and foreign transport companies, under time
charter contracts, concurrent with liquefied gas supply contracts to the
Corporation.
Owing to the current decline in chartering rates at petroleum maritime
transport markets, this additional activity of the company (gas supply)
enables it to realize subordinate financial revenues in addition to fleet
activity, helping it to constantly attain annual profit. This is obvious from
the realized financial results. In this context, it should be mentioned that
the company, by entering into the field of liquefied gas maritime transport,
has successfully concluded liquefied gas purchasing contracts from Arab
marketing institutions, with total quantities amounting to about 1.6 million
tons annually. This led to enhanced cooperation between the company
and national oil companies in the member countries (Saudi ARAMCO,
Tasweeq of Qatar, and SONATRACH of Algeria).
On the other hand, the company continued to implement its plans
aimed at upgrading and increasing the units of its maritime tanker fleet,
depending on its own resources, despite the continuing implications of the
global financial crisis. The company concluded contracts to build two new
tankers for clean petroleum products, which are scheduled for delivery in
2012 and 2013. Due to the continuing circumstances in the Arab Republic
of Egypt since 2011, the company has been supportive for the Egyptian
General Petroleum Corporation (EGPC) facing the crisis witnessed by the
fuels sectors in Egypt. As a result, the company still faces difficulties in
collecting its financial dues from EGPC, of about US$285 million.
2. AMPTC Financial Results for the Financial Year 2011
In 2011 the company’s operating income amounted to about US$86.02
million, and the actual operating expenses, before tanker depreciation,
