Egypt: All of the country's oil production can be refined locally within the next two years

In order to make its oil sector more competitive and gain significant long-term influence on the global gas market, Egypt plans to strengthen its local production capacity for refined products.

Egyptian Petroleum Minister Tarek El Molla said in a press release that all of the country’s oil production can be refined locally within the next two years.

This is in part thanks to the completion in the same period of works relating to the modernization and expansion of the country’s refineries.Indeed, the Egyptian authorities informed in 2019 that they would invest $ 9 billion in the modernization of six oil refineries.

The country has eight refineries with a total capacity of 38 million tonnes of which only 25 million are used. This vast program, which will end in 2023, will therefore help improve Egypt’s performance in the refining sector and promote its independence from international supply.

Egypt has achieved gas self-sufficiency, but is still struggling to achieve it in petroleum products. The country still imports a significant portion of its fuel consumption and at the same time is working to boost its crude production as well.

Source Ecofin Agency