Egypt to invest $9bn refineries’ upgrade over four years —Minister

Egypt plans to upgrade six oil refineries at a cost of about $9 billion over four years to increase domestic production to 41 million tonnes a year, the petroleum minister said.

“We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products,” the minister, Tarek El Molla, said during a conference in Cairo late on Sunday night, without giving further details.

According to Reuters, Egypt currently has eight refineries with a capacity of 38 million tonnes, of which only 25 million tonnes are utilised.

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