Through the execution of five refining projects that are under implementation, the total value of refining investments in Egypt would reach $4.7 billion, Almal News reported citing an official source in the Ministry of Petroleum and Mineral Resources.

According to the source, these five projects are expected to be done in fiscal year (FY) 2022/23.

One of these projects is the expansion of Midor refinery to increase its production capacity from 4.6 million tons to reach 7.6 million tons yearly. Another project is the Hydrogen Cracking of Mazut Complex at the Assiut National Oil Processing Company (ANOPC) to produce light derivatives with a capacity of 2.5 million tons of mazut.

Additionally, a Vapor Recovery Unit (VRU) at Suez Oil Processing company is under construction with a capacity of around 200,000 tons of Naphtha per year, and an Assiut oil refining project is to produce high-octane gasoline with a capacity of 660,000 tons per year. The fifth project is an asphalt production unit with a capacity of over 720,000 tons of mazut per year.

It is worth mentioning that Egypt’s oil and gas sector managed to implement a number of new projects in the petrochemicals industry and to execute an expansion strategy for infrastructure. This is in addition to following a plan to accelerate the delivery of natural gas to households, according to a report received by the Minister of Petroleum and Mineral Resources, Tarek El Molla, stating the achievements made in July-September of FY 2019/20.