Egypt to invest US$9 B in building refining capacity

July 5, 2023

(3 minutes read)

Egypt’s Ministry of Petroleum and Mineral Resources revealed plans to invest US$9bn in new refining and petrochemical projects. The projects, which are currently in the planning or construction phases, are expected to help Egypt increase its refining capacity and production of petrochemicals.

One of the largest projects is the expansion of the Midor refinery in Alexandria. The expansion, which is valued at US$3.5bn, will increase the refinery’s capacity by 30%. The project is expected to be completed in 2024. Another major project is the construction of a diesel production complex at Assiut’s ANOPC. The complex, which is valued at US$2bn, is expected to be completed in 2025.

The Egyptian ministry has also announced plans to invest in several other refining and petrochemical projects, including a coking complex and diesel production project at the Suez Petroleum Processing Company. Moreover, these projects include a condensate distillation project at Nasr Petroleum Company in Suez and an air distillation project at Assiut’s oil refinery.

The ministry’s investment in these projects is part of a broader strategy to develop Egypt’s petroleum refining industry and increase its production capacities. The strategy has been successful in doubling the domestic production of petrochemical materials to more than 4.3 million tons annually by the end of 2021-22.

https://trendsnafrica.com/egypt-draws-up-plans-to-increase-employment/

The ministry expects that the new refining and petrochemical projects will help Egypt reduce its reliance on imports and create jobs. The projects are also expected to boost Egypt’s economic growth and attract foreign investment.