ENERGY

Egypt to invest $9 bln refineries’ upgrade over four years

Minister Tarek el-Molla, said during a conference in Cairo late on Sunday night, without giving further details. (AFP)

Egypt plans to upgrade six oil refineries at a cost of about $9 billion over four years to increase domestic production to 41 million tons a year, the petroleum and mineral resources 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 tons, of which only 25 million tons are utilized.

Last Monday, the petroleum and mineral resources ministry said that Eastern Mediterranean countries who met in Cairo agreed to set up a forum to create a regional gas market, cut infrastructure costs and offer competitive prices.

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Last Update: Monday, 21 January 2019 KSA 17:43 - GMT 14:43
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