Karim Badawi, Minister of Petroleum and Mineral Resources, said raising the utilization rate of Egypt’s refineries from 66% to 80% will increase reliance on locally refined petroleum products and help reduce the country’s fuel import bill.

Badawi made the remarks during Cairo Oil Refining Company’s (CORC) general assembly to approve its FY 2025/26 results. Mahmoud Esmat, Minister of Electricity and Renewable Energy, and Manal Awad, Minister of Local Development and Environment, attended via video conference.

Badawi said coordination between the Egyptian General Petroleum Corporation (EGPC) and its refining companies has increased the amount of crude processed locally. He also stressed the role of specialized laboratories in ensuring petroleum products meet required specifications.

CORC Chairman and Managing Director Tarek Abdel Latif said the company refined more than 7.5 million tons of crude at its Mostorod and Tanta refineries during FY 2025/26.

CORC also blended, prepared and supplied around 2.79 million tons of 80- and 92-octane gasoline, covering about 34% of domestic consumption of both grades. The company’s total revenue increased 22% from the previous year.

The results come as Egypt increases crude availability for domestic refineries. In June 2026, Badawi said the country’s crude oil production had exceeded 540,000 barrels per day (bbl/d), returning to growth after a period of decline.

At the time, EGPC CEO Salah Abdel Kerim said CORC’s gasoline complex project was expected to add around 2,000 tons per day of gasoline production starting in August, potentially reducing Egypt’s fuel import bill by about $70 million per month.