Egypt is carrying out six refining mega projects with around $9 billion investments as a part of the oil and gas sector’s Modernization Project, stated Tarek El Molla, Minister of Petroleum, Egypt Oil & Gas reports.

The minister’s comment came during his visit while following up on a project conducted by the Egyptian Refining Company (ERC) in the Mostorod Area.

The new project’s investments reached around $4.3 billion, securing local market’s demands of petroleum products like high-octane benzene.

The development of the project is 99% complete, as its facilities and its highly-pure-hydrogen production unit have started operating , said Mohamed Saad, ERC’ Managing Director.

The project will hydrocrack mazut produced from Cairo Oil Refining Company (CORC) and turn it into 4.1 million tons per year of higher value products, including 2.3 million tons per year of European Standard diesel, 700,000 tons of benzene, 600,000 tons of jet fuel, and 79,000 ton of butane, explained Ahmed Heikal, head of ERC.