Cairo – Mubasher: Egypt’s Ministry of Petroleum and Mineral Resources announced plans to carry out new oil refining and petrochemical projects at a total investment of $9 billion.
In an official statement, the ministry highlighted that the oil refining projects are being implemented in the governorates of Alexandria, Assiut, and Suez with estimated investments of $7.50 billion.
This aligns with the Republic’s objectives to maximise the value added to natural wealth with $1.40 billion investments in the governorates of Behaira, Damietta, and New Alamein.
In accordance with the development strategy that was launched in 2016, the ministry managed to run eight new oil refining projects with total investments exceeding $5 billion. This step aimed to widen the sector’s production capacity of petrochemical products and reduce imports.
The strategy also contributed to doubling the annual production capacity of petrochemicals from 2.10 million tonnes in fiscal year (FY) 2015/2016 to over 4.30 million tonnes by the end of FY21/22.
