Egypt to invest $9 billion in refineries’ upgrade over four years
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Read < 1minuteThe Mstrd oil refinery in Cairo, in a file photo. REUTERS/Nasser Nuri
Egypt plans to upgrade six oil refineries at a cost of about $9 billion over four years to increase domestic production to 41 million tonnes a year, the petroleum minister said.
“We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products,” the minister, Tarek El Molla, said during a conference in Cairo late on Sunday night, without giving further details.
Egypt currently has eight refineries with a capacity of 38 million tonnes, of which only 25 million tonnes are utilized.
