CAIRO – 5 August 2021: The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, stated Thursday that 5 major refining and petrochemical projects are being implemented, with investments of about $14 billion. El-Molla confirmed that the petroleum sector is currently implementing an integrated work program to develop and modernize the refining and petrochemical system in Egypt by raising the operating efficiency of the already existing refineries and adding new production units. He stated, in a statement that new petrochemical projects are being established with the aim of sustaining the provision of petroleum and petrochemical products to the local market and the state's economic sectors, as well as reducing the import bill, maximizing the added value and achieving the maximum economic benefit from Egypt's oil wealth. Head of the Red Sea Petrochemical Company reviewed the progress of the project’s preparation work and the target timetables for completing the implementation of the production units, noting that the investment cost of the project amounts to about $7.5 billion to produce high-quality petrochemical products to meet local needs and export the surplus. The head of ANPEC also reviewed the implementation position of the project, which aims to convert diesel of low economic value, with a feeding capacity of 2.5 million tons annually, into high-quality petroleum products, especially diesel, with investments of about $2.9 billion.

Source: Egypt Today August 05, 2021 11:54 UTC