Egypt Invests EGP 1 T in Upstream Projects

Egypt Invests EGP 1 T in Upstream Projects

The Ministry of Petroleum and Mineral Resources invested EGP 1 trillion in the oil and gas production projects, including $32.6 billion for the operating projects, $12.7 billion for the projects under establishment and $14.7 billion for the projects that have started, and EGP 460 billion in petrochemicals and refining projects, according to the Cabinet’s Gate.

These investments are expected to maximize the refined products production and the products’ added value, including the Mazut Hydrocracking Complex for the Egyptian Refining Company (ERC) and the Naphtha Refinery for Alexandria National Refine & Petrochemical Company (ANRPC),

That came as Tarek El Molla, the Egyptian Minister of Petroleum and Mineral Resources, met with Mostafa Madbouly, the Prime Minister, to present some of the ministry’s portfolios.

El Molla presented a report that showed the ministry’s effort to cover the country’s petroleum products’ demand, as the supply included 13.4 million tons of diesel, 7.3 million tons of octane and 3.9 million tons of butane during the last fiscal year (FY) 2018/19.

The ministry aims to develop the oil ports to have a capacity of 2 million tons more than before 2015, which was 1.2 million tons. This is in addition to receiving tankers that carry up to 120,000 tons after they only used to receive 35,000 tons – which can now be discharged in 24 hours instead of 48 hours – as well as for establishing 3 new butane ports that take in loads up to 45,000 tons.

El Molla also discussed the current oil pipelines development, as the ministry invested EGP 2.6 billion to renew and operate around 500 km lines and increased the pipelines network from 5,300 km to 5,600 km, which increased the pumped high-octane fuel to Cairo with 18%.




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