Egypt plans to upgrade six oil refineries to increase local production of refined products, Petroleum Minister, Tarek El Molla, said during a conference in Cairo Sunday. The refineries refurbishment to be conducted over four years will cost about $9 billion, the official said, adding that Egypt is trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products. The North African nation currently has eight refineries with a capacity of 38 million tons, but producing only 25 million tons. Egypt deems it necessary to increase production capacity and upgrade petroleum infrastructure to meet growing local demand, reduce dependence on imports and allow for the processing of petroleum from other countries. Last year, the government has signed a contract for the expansion of one of its main oil refineries, part of a national strategy to upgrade its petroleum infrastructure and increase refining capacities.

Source: The North Africa Journal January 21, 2019 15:22 UTC