Middle East Oil Refinery (Midor) refined 40.5 million barrels of crude oil in 2017 and contributed in providing over 3 million tons of different petroleum products to the local market worth around $1.4 billion, according to Mohamed Abdel Aziz, Midor’s Head, Egypt Oil & Gas reports.
The refinery further exported 1.7 million tons of petroleum products for $860 million, Abdel Aziz added during the general assembly chaired by Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, to review the company’s 2017 results.
Abdel Aziz pointed out that Midor is continuing to carry out the expansion project in order to increase production capacity by 60% according to the specified time schedule. The expansion will result in economic and technical revenues benefiting the country as it is one of the national projects that contribute positively to achieving the vision to transform Egypt into a regional oil and gas trading hub.
El Molla pointed out that the ministry’s program of to develop Egyptian refineries, either through the renovation of existing plants or the addition of new production units, aims to maximize the productivity of high-value distillates and rationalize their import bills to reduce the burden on the balance of payments and to contribute positively to cover the demands of the domestic market.