Egypt to build new oil refineries worth $7bn
19 January 2021
Egypt is implementing new oil refineries and projects in Cairo, Alexandria, Assiut, and Suez with investments of about USD 7bn. This was announced during the general assembly chaired by the Minister of Petroleum and Mineral Resources, Tarek El Molla, with the public sector companies including oil refining companies of Cairo, Suez, Nasr, and Assiut via video conference to approve their planning budgets for fiscal year (FY) 2021/22, in the presence of the Minister of Local Development, Mahmoud Shaarawy.
El Molla confirmed that the ministry puts refineries’ development and the implementation of the latest technologies as a priority. He also pointed out that the new refining projects including Mostorod refinery, High Octane gasoline in Alexandria, and the trial operation of Assuit Oil Refining Company’s (ASORC) Octane complex have achieved effective results, highlighting the importance to continue these projects’ implementation to achieve self-sufficiency in gasoline and diesel in 2023.