Egypt unveils $9 billion new investment in refining, petrochemical projects

Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, revealed plans to invest $9 billion in new refining and petrochemical projects to secure these vital products locally and reduce imports.

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, according to an official statement.

The statement introduced other projects, such as the coking complex and diesel production by the Suez Petroleum Processing Company, the condensate distillation project at Nasr Petroleum Company in Suez, and the air distillation project at Assiut’s oil refiner.

The Egyptian ministry’s efforts have succeeded in operating eight new projects in fields of oil refining, with investments of $5 billion, as part of a strategy launched in 2016 to develop the petroleum refining industry.