Egypt executes 8 new projects valued at $5bn to expand petroleum sector

Egypt is executing eight new projects worth over $5 billion as part of its strategy to modernize the country’s petroleum sector, with a key focus on refining and manufacturing expansions.

The Egyptian Ministry of Petroleum and Mineral Resources further revealed that it is accelerating works on the implementation of new refining projects with a total investment cost estimated at $7.5 billion, according to a statement.  

This falls in line with the ministry’s bid to develop and propel the performance of the petroleum refining industry in the North African country.  

The strategy also aims to boost the production capacities of petroleum and petrochemical products in an attempt to secure their availability locally as well as reduce imports.  

Some of the projects under implementation include Assiut National Oil Processing Co.’s diesel production complex, in addition to Suez Oil Processing Co.’s coking and diesel production complex expansions in Suez.