Oil minister: new refining projects in Egypt worth $7.7bn

Egyptian petroleum sector is currently executing new refining projects with investments estimated at US$7.7 billion, Petroleum Minister Tarek El Molla stated Monday.

El Molla Made these remarks during reviewing the latest report about implementation works at the new refining projects that are being executed.

He added that the ministry is committed to the schedules and time of delivering and operating those vital projects.

Petroleum sector is executing a comprehensive strategy to cover local market’s growing needs of petroleum products since it imports oil products to fill the gap between local production and consumption, the minister said.

The currently executed projects include establishing new Vapor Recovery Unit (VRU) unit to produce 42,000 tonnes of butane and 356,000 tonnes of naphtha annually for Assiut Oil Refining Company (ASORC) with investments of around US$21 million.

ASORC is also implementing the project of building a Continuous Catalyst Regeneration (CCR) unit to produce around 600,000 tonnes of gasoline and 40,000 tonnes of butane with investments estimated at around US$350 million.

The report discussed the latest progress in the project of establishing new VRU unit for Suez Oil Processing Company to produce 48,000 tonnes of butane, 80,700 tonnes of naphtha, and 71.4 tonnes of gases per year with investments worth US$44 million.