The downstream sector has witnessed a 78% growth in Q3 2019/20, according to Minister of Planning and Economic Development Hala Al-Saeed, the Cabinet reported.
This was largely due to an agreement between the Egyptian General Petroleum Corporation (EGPC) alongside a consortium of banks, government institutions, and the Egyptian Refining Company (ERC). The agreement entails the establishment of a new project between the parties, valued at $4.3 billion.
This has lead to an increase in production capacity, recording 11.6 million tons in Q3 2019/20 against 6.7 million tons in the same period of 2019. This, in turn, will contribute to reducing diesel imports by 35%; from 6.5 million tons to 4.2 million tons annually.