Egypt to invest $9 billion on refiner upgrades

Egypt to invest $9 billion on refiner upgrades

Egypt has announced plans to upgrade six of its oil refineries at a cost of $9 billion over the course of four years, with the aim of increasing production to 41 million tonnes a year.

During a conference in Cairo, petroleum minister Tarek El Molla said: “We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products.”

Egypt has eight refineries with a total capacity of 38 million tonnes, although on 25 million tonnes are currently being utilised.

This comes as BP look to open five more oil and gas projects across Egypt, Azerbaijan and the North Sea to increase its production by 800,000 bpd by 2020.

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