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Egypt to invest $9 billion refineries' upgrade over four years: minister

Monday 21/January/2019 - 01:38 PM
Sada El Balad
Edited by Hassnein Tayea
Egypt plans to upgrade six oil refineries at a cost of about $9 billion over four years to increase domestic production to 41 million tonnes a year، the petroleum minister said، according to Reuters.

“We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products،” the minister، Tarek El Molla، said during a conference in Cairo late on Sunday night، without giving further details.

Egypt currently has eight refineries with a capacity of 38 million tonnes، of which only 25 million tonnes are utilized.

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