Egypt’s Assiut Oil Refining to build new refinery with $350mn

Assiut Oil Refining Company-ASORC is planning to establish new refining unit with investments worth more than US$350 million,  a source at the company told Amwal Al Ghad Monday.

The source stated that the new refinery is expected to produce around 600,000 tonnes of petrol annually in addition to 40,000 tonnes of butanes per year. The company have a great hope for the new project as it targets refining naphtha, petrol and gas.

ASORC is currently adopting a new strategy to execute a number of refining projects that aim at refining additional amounts of petroleum products to cover state’s needs -notably the Upper Egypt- of fuel, the source clarified.

The new refinery is set to participate in lowering the total volume of imported petrol, thus, shrinking the importing bill of petroleum sector.

During the last few months, the consumption rates of the petroleum products hiked largely in different governorate. Accordingly, petroleum ministry -represented in ASORC- started adopting new refining projects.