Egypt aims to be self-sufficient in fuel by 2020 in hope of exporting to other countries, said an official from the state-run Egyptian General Petroleum Corporation in a construction event Wednesday.
on the other hand, Egypt is currently carrying out a bunch of petroleum projects related to the exploration and refining activities that will put Egypt on the oil exporters’ map by 2020, he noted.
Amr Mostafa, Vice Executive Chairman For Operations, said During his speech at the Second Annual Builders of Egypt Forum that takes place in The Nile Ritz-Carlton over two days that Egypt produce 85 percent of its consumption of oil , 50 percent of its consumption of Butane , 65% of Diesel and around 75 % of Mazut.
The Egyptian petroleum sector has provided all the necessary petroleum products for other sectors especially for the industrial sector during the previous year, despite the continual increase in the consumption rates.
Egypt used to export some of its Asphalt production abroad yet it is currently importing 50 percent of its needs due to the increase in the consumption rates.
Recently, Egypt has inaugurated three new ports in Suez Canal, Alexandria and Wadi Feran which contributed to supplying the local market with its needs of petroleum products.