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Home Africa

Petroleum refining projects garner US$7B in Egypt

Africa Oil & Power by Africa Oil & Power
January 15, 2021
in Africa, Egypt, Fuel, Natural Resources, Oil
Reading Time: 1 min read
0
Angola yields over AKZ 124 billion with oil exports
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Egypt will invest US$7B into petroleum refining projects, according to the Minister of Petroleum and Mineral Resources H.E. Tarek Al-Molla, in a bid to be self-sufficient in gasoline and diesel by 2023.

“Refineries play an important role in meeting the needs of the local market of petroleum products,” Minister Al-Molla.

In December, Egypt signed two grant agreements with the U.S. Trade and Development Agency totaling US$1.4M to conduct feasibility studies to upgrade two major refineries in-country – another step toward augmenting downstream capabilities.

Following major discoveries like the Zohr gas field in 2015 – which holds an estimated 30 trillion cubic feet of gas – Egypt seeks to utilize its substantial hydrocarbon reserves to serve as a regional hub for the production and trade of liquefied natural gas.

Also read: Botswana Oil aims for petroleum products security

Original article on Africa Oil & Power

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Tags: crude oilDieselEgyptfuelfuel securityGasolineoiloil refinerypetrolpetroleumpetroleum productsPetroleum refining projects garner US$7B in EgyptЕгипетمصرエジプト埃及
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