Ministry of Petroleum announces $9B investment towards oil refining and petrochemical projects

Egypt has revealed plans to invest around $9 billion in new projects in oil refining and petrochemicals, the Ministry of Petroleum and Mineral Resources announced earlier this week.

In an official statement, the ministry highlighted the implementation of projects in Alexandria, Assiut, and Suez, with an estimated investment of $7.50 billion.

These investments align with Egypt’s objective of maximizing the value derived from its abundant natural resources. To further bolster this strategy, an additional investment of $1.40 billion has been allocated for the governorates of Behaira, Damietta, and New Alamein.

Since the launch of the development strategy in 2016, the ministry has successfully overseen the completion of eight new oil refining projects, totaling more than $5 billion in investments. These projects have not only expanded the sector’s production capacity for petrochemical products but have also played a pivotal role in reducing Egypt’s dependence on imports.

In fiscal year FY 2015/2016, Egypt’s production capacity stood at 2.10 million tons, and by the end of FY 2021/2022, it had more than doubled to over 4.30 million tons.

Source: Egypt Today