The Department of Petroleum and Natural Resources said in a statement that the new refining-related initiatives total seven thousand 500 million dollars.
The institution stressed that among them the expansion of the Midor refinery in the northern city of Alexandria, the diesel production complex in the central governorate of Asyut and the condensate distillation project in Suez stand out.
Added to this is the implementation of new petrochemical plans with investments of more than $1.4 billion to “maximize the value of natural resources,” according to the statement.
The ministry stressed that eight facilities in the field of crude oil refining and processing have been inaugurated or expanded since the initiative was launched in 2016.
This enabled the national production of petrochemical materials to increase to more than 4.3 million tons in fiscal year 2021-2022, compared to 2.1 million tons in 2015-2016, he said.
At the beginning of the year, the rating agency Fitch emphasized that in the medium term Egypt will lead the growth of the petrochemical sector in Africa with the development of new industrial complexes.
He pointed out that this North African country was producing around 552,000 barrels per day of refined petroleum products in 2022 and this figure will increase to 659,000 by 2032.
Meanwhile, total refining capacity reached 816.6 thousand barrels per day, although an increase to 866.7 thousand is expected.
jf/rob