Egypt is implementing new oil refineries and projects in Cairo, Alexandria, Assiut, and Suez with investments of about $7 billion.

This was announced during the general assembly chaired by the Minister of Petroleum and Mineral Resources, Tarek El Molla, with the public sector companies including oil refining companies of Cairo, Suez, Nasr, and Assiut via video conference to approve their planning budgets for fiscal year (FY) 2021/22, in the presence of the Minister of Local Development, Mahmoud Shaarawy.

El Molla confirmed that the ministry puts refineries’ development and the implementing of the latest technologies as priority. He also pointed out that the new refining projects including Mostorod refinery, High Octane gasoline in Alexandria, and the trial operation of Assuit Oil Refining Company’s (ASORC) Octane complex have achieved effective results, highlighting the importance to continue these projects’ implementation to achieve self-sufficiency in gasoline and diesel in 2023.

During the meeting, the companies’ heads presented the features of their estimated budgets for FY 2021/22, which were presented by Hisham Al-Bakl, the Chairman of Cairo Oil Refining Company, Hussein Awad, the Chairman of Suez Oil Processing Company, Mohamed Abdullah, the Chairman of Nasr Petroleum Company, and Maged El Kurdi, the Chairman of ASORC.