Egypt carries out 5 petrochemical, refining projects worth 14B USD

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Egyptian Minister of Petroleum Tarek al-Molla said on Thursday that the oil sector has been carrying out five mega petrochemical and refining projects with investments estimated at 14 billion U.S. dollars.

“The oil sector is implementing an integrated program to develop and modernize the petrochemical and refining system in Egypt through improving the efficiency of the existing filters and adding new operating units,” al-Molla said in a statement.

The new projects aim at providing sustainable oil and petrochemical products for the local market and the country’s economic sectors, reducing the import volume, and maximizing the added value of Egypt’s wealth, the minister added.

He emphasized the importance of applying the international criteria for industrial safety and security and preserving the environment.