Egypt to invest USD9bn on upgrading refineries over four years
Petroleum Minister Tarek El Molla announced during a press conference on Sunday Egypt’s plans to upgrade six oil refineries at a cost of cUSD9bn over four years to increase domestic production to 41mn tonnes a year. El Molla said, “we are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products.” Egypt currently has eight refineries with a capacity of 38mn tonnes, of which only 25mn tonnes are utilised.
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