ALBAWABA – The Ministry of Petroleum and Mineral Resources on Saturday announced that work is currently underway for new refining and petrochemical projects in Egypt worth up to $9 billion.
In a statement issued yesterday, the ministry said that new refining investment projects are currently being accelerated, and are worth about $7.5 billion in total.
Several projects are in the pipeline, the statement said, including the Midor refinery expansion project in Alexandria, north east of Egypt. Noting that the first and second phases of the expansion project have concluded and are currently operating on a trial basis. In addition to the diesel production complex at the ANOPEC company is Asyut.
Also in the pipeline are the expansion project of the Sue oil manufacturing company, the Nasr Petroleum Company, and the air distillation facility at the Asyut oil refinery.
New petrochemical projects are underway, worth a total of $1.4 billion.
Additional projects include a medium-density wood panels production facility in Idku, in Beheira Governorate. As well as two complexes for the production of soda ash “sodium carbonate” and silicon and their derivatives in El Alamein, and methanol derivatives and bioethanol projects in Damietta.
The statement underlined that the government is currently operating eight new petroleum refining and procession projects, in addition to expansions, totalling more than $5 million.
It is part of the ministry’s strategy, launched in 2016, to develop the oil industry and reduce the importation of vital commodities and goods.
So far, the strategy doubled the domestic production of petrochemical material, up to more than 4.3 million tons annual by the end of the fiscal year 2021/2022, from 2.1 million tons in 2015/2016.
