CAIRO - 8 July 2020: Petroleum and Mineral Resources Minister Tarek el Molla asserted that the project of a mazut hydrocracking complex in Assiut is the largest oil refining project to be implemented in Upper Egypt, with investments totaling $2.8 billion. The project comes to support efforts and developmental programs implemented in Upper Egypt, Molla said. The project aims at maximizing the utilization of state resources by taking advantage of the latest hydrocracking technology to refine mazut, a low-value product, and transform it into petroleum products of a higher value, mainly diesel with European specifications. The project will contribute to covering the needs of Upper Egypt in terms of petroleum products, which the project’s organizers say should reduce the volume of petroleum imports to the country. The project is also expected to provide job opportunities in the Upper Egypt area, the statement said.

Source: Egypt Today July 08, 2020 11:15 UTC