Egypt’s Ministry of Petroleum has a new strategy for reducing imports, adding value to Egyptian products, and making Egypt an energy hub in the Middle East, a source at the Ministry told Egypt Oil and Gas.  The new strategy will come into effect in January 2016.

The strategy includes developing Egyptian refineries worth of $7b across the country within three years to ensure reduced imports from international suppliers and companies. The government aims to increase production in Egyptian refineries by 70% over the coming year in order to tackle the growing consumption rates – increasing by 10% annually – with local products.

Egypt consumes petroleum products worth of EGP300b each year, out of which EGP140b through agreements with foreign partners, and EGP160b through import operations, the source added.