Petroleum Minister Tarek el-Molla during his meeting with representatives of Toyota company - Press photo
CAIRO – 11 March 2018: Petroleum Minister Tarek el-Molla discussed with Japanese company Toyota on Sunday an initial study to establish a refineries complex in Suez governorate, a statement from the Petroleum Ministry said.
The two sides agreed on having another meeting to review the detailed study for the project.
Molla said that Egypt has investment opportunities in the refineries and petrochemicals fields and that the economic and legislative reforms have encouraged projects in these areas.
This comes in light of the ministry’s plan to maximize the benefit from petroleum resources, reduce imports and supply the local market with its needs.
Egypt’s Petroleum Ministry plans to expand and develop refineries to boost domestic production of petroleum products, with the aim of filling the gap between production and consumption.
The plan includes expanding and developing plants at the Egyptian Refining Company, Alexandria National Refine & Petrochemical (ANRPC), Assiut Oil Refining Co. (ASORC), Alexandria’s Middle East Oil Refinery (MIDOR) and Suez Oil Processing Co.
The 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.
Egypt targets producing 3.113 million tons of gasoline, 6.603 million tons of diesels, 481,000 tons of butane gas and some 1.438 million tons of jet fuel over the next four years.