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Egypt to Invest $9B Refineries' Upgrade Over Four Years

Source: Reuters 1/21/2019, Location: Egypt

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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.

“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 utilised.

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