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

Image from Egypttoday

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.

Laws & Regulations
• Egypt’s tax-free car import initiative generates $... 03-20
• Resource curse: more Africa countries could benefi... 01-16
• Morocco Announces Cigarette Price Hike for 2024 as... 12-27
• Nigeria wins appeal in landmark ruling against Pro... 11-16
• Togo, Benin slash telecommunication charges 10-24
• Egypt adopts new strategy to increase industry’s c... 10-05

Trade Shows
• African Energy Week (AEW) 2024: Date Set 10-12
• Cityscape Egypt 2023 expo kicks off on Tuesday wit... 09-19
• Cotonou to host first Auto Moto Show on October 12... 06-27
• Ministerial Forum a top feature at Big 5 Construct... 05-17
• THE BUILD&DECOR EXPO 05-06
• SIAM: Moroccan, International Companies Showcase I... 05-03