Egypt plans to develop refineries during the upcoming four years to decrease the import rate of petroleum products to 5%, compared to the current rate of 35%, Egyptian Minister of Petroleum Tarek El Molla has said, according to Al Mal News.

El Molla stated that the rationalization of petroleum products’ consumption will reduce imports and help to provide a surplus in the future.

This will mean that petroleum products such as benzene and jet fuel may be exported.

The minister’s speech came during a parliamentary meeting on May 5, held to discuss the Ministry of Petroleum’s 2018/19 financial budget.

El Molla affirmed Egypt’s twin commitments of achieving natural gas self-sufficiency by 2019, and becoming a leading regional natural gas exporter.