The Minister of Petroleum and Mineral Resources, Tarek El Molla, has reviewed the implementation progress of three giant projects including the expansion project for Midor refinery in Alexandria, octane production complex project of Assiut Oil Refining company (ASORC), and Asphalt production unit of Suez Oil Processing company (SOPC), which received investments of $2.8 billion, according to a press release.
El Molla noted that Midor project costs reached $ 2.3 billion, which aim to increase the production capacity by 60%. The Octane complex costs $450 million with a production capacity of 800,000 tons per year, while the Asphalt production unit costs $64 million to produce 1,200 tons per day according to the Egyptian standards. The minister stressed on the importance of national resources in establishing these projects by the national oil companies (NOCs).
Additionally, the minister confirmed on reviewing the projects’ execution in accordance with their timelines and increasing the rate of implementation by petroleum companies to compensate the delay caused by the coronavirus outbreak, noting that the operations were not stopped during the past period.