Investments in oil production and refining projects in Assiut total EGP 43 billion, sources in the Ministry of Petroleum told Egypt Today.

Projects include establishing a refining unit for producing high-octane gasoline, as well as a complex for the production of gasoline and diesel.

The ministry is building a number of new refining projects in Upper Egypt to meet the demand for petroleum products.

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

In May, El Molla reviewed the situation of the mazut hydro-cracking complex at the Assiut National Oil Processing Company (ANOPC). The $1.9-billion project will use 2.5 million tons of mazut to produce higher-value products like diesel, naphtha, and butane.