The Ministry of Petroleum and Mineral Resources of Egypt has announced intentions to invest $9 billion in new petrochemical and oil refining facilities.
The oil refinery projects are being carried out in the governorates of Alexandria, Assiut, and Suez, with an estimated investment of $7.50 billion, the ministry noted in an official statement.
This aligns with the Republic’s objectives to maximize the value added to natural wealth with $1.40 billion investments in the governorates of Behaira, Damietta, and New Alamein.
In accordance with the development strategy that was launched in 2016, the ministry managed to run eight new oil refining projects with total investments exceeding $5 billion. This step aimed to widen the sector’s production capacity for petrochemical products and reduce imports.
The strategy also contributed to doubling the annual production capacity of petrochemicals from 2.10 million metric tons in fiscal year (FY) 2015/2016 to over 4.30 million metric tons by the end of FY21/22.
