The President Abdel Fattah Al-Sisi has urged the government to acquire the optimal economic benefit from Egypt’s resources of oil and natural gas, as well as the completion of various industrial projects in the petroleum sector with the goal of reducing imports and providing high-quality petroleum products. This is in addition to maximizing the added value of raw materials of petroleum and meeting the needs of the local market in various cities and governorates nationwide, a press release issued by the Ministry of Petroleum and Mineral Resources stated.
This came during his meeting with Prime Minister Mostafa Madbouly and the Minister of Petroleum and Mineral Resources Tarek El Molla to review the petroleum activities, especially in the field of exploration and production (E&P) of oil and natural gas.
During the meeting, El Molla showcased the latest updates regarding E&P activities in the Mediterranean and the Eastern and the Western Deserts in addition to the development of the regional cooperation in the energy sector and the state’s efforts to become a regional hub for trading oil and gas.
The Minister of Petroleum also reviewed the developments of the executive position of a number of projects in the petroleum sector nationwide, which aim to secure the needs of the local market, reduce the import gap, and contribute to the state’s efforts to increase economic growth rates and achieve comprehensive development.
This is particularly in reference to the asphalt production plant in the Suez Petroleum Manufacturing Company, which aims to establish an asphalt production unit with a production capacity of 1200 tons of asphalt per day, as well as the Middle East Oil Refinery (MIDOR) expansion project, which seeks to maximize the production of high-quality petroleum products by increasing the current refining capacity from 100 to 160 thousand barrels per day by adding 5 units.
This is also in addition to the diesel production complex project at the Assiut National Oil Processing Company (ANOPC), which aims to establish a complex for the hydrocracking of the mazut produced from the Assiut plant as a feed material to cover the needs of Upper Egypt, as well as the project for the production of medium-density fiberboard (MDF) wood panels in Beheira Governorate, which aims to produce wood panels by using 250 thousand tons per year of rice straw as the main raw material for the project, contributing to the preservation of the environment and eliminating the pollution that was caused by the burning of rice straw.