Egypt will invest seven billion dollars 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 $1.4 million 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.