The Egyptian General Petroleum Corporation’s (EGPC) Vice Executive Chairman for Operations, Engineer Amr Mostafa, said that last year the petroleum sector had managed to meet all of the consumer and industrial needs of petroleum products, even though the consumption rate continued to rise, reported Al Borsa. He added that there is a plan to achieve Egypt’s fuel self-sufficiency by 2020 and to export excess fuel.
In his speech on the second day of Builders of Egypt Forum 2016 – The Road to National Projects Development – he added that Egypt produces about 85% of its gasoline consumption, 50% of butane gas, 65% of diesel fuel, and approximately 75% of fuel oil. Furthermore, the country used to export substantial amounts of asphalt, but in light of the state’s increasing consumption, nearly 50% of its asphalt needs are imported.
Mostafa also noted that EGPC’s role is to supply fuel to consumers and the industrial sector, as well as to export certain petroleum products. The sector currently exports naphtha and jet fuel.
Recently, Egypt has inaugurated three new ports in Suez Canal, Alexandria, and Wadi Feran, which contributed to supplying the local market with its needs of petroleum products, Zawya reported.