A female employee fills the tank of a car at a petrol station in Cairo, Egypt, February 24, 2016 -
REUTERS/Mohamed Abd El Ghany
CAIRO – 14 January 2018: Three state-owned petroleum companies, namely Alexandria Petroleum Company, Assiut Oil Refining (ASORC) and Cairo Oil Refining (CORC), are targeting to produce some 14.5 million tons of petroleum products in fiscal year 2018/19.
They also aim to refine around 16 million tons of crude in 2018/19 to help satisfy domestic needs from petroleum products.
The companies target producing 4.4 million tons of diesel, 3.1 million tons of gasoline, 216,000 tons of butane gas and 800,000 tons of jet fuel.
The government is supporting state-owned companies working in the refining and petrochemicals sector to boost their production, Minister of Petroleum Tarek el-Molla said this month.
Egypt produces 4.4 million tons of gasoline annually, while it consumes seven million tons. Production of diesel amounts to eight million tons, while consumption reaches 14.5 million tons. Meanwhile, the country produces 2.1 million tons of butane gas, while it consumes 4.3 million tons.
Egypt covers the gap between production and consumption through importing.
Egypt’s Petroleum Ministry aims to increase its annual production of gasoline, diesel, butane gas and jet fuel by 11.6 million tons in the next four years, at an investment of $8.3 billion, boosting total production to around 28.5 million tons, up from the current 16.9 million tons.
This comes as part of the ministry’s plan to expand and develop refineries to boost domestic production of petroleum products, with the aim of filling the gap between production and consumption.
Under the plan, the ministry targets producing 3.113 million tons of gasoline, 6.603 million tons of diesel, 481,000 tons of butane gas and some 1.438 million tons of jet fuel.
Developing the petrochemical industry will result in an improvement in plastics industry, fibers industry and other related industries.