Egypt to upgrade six oil refineries – Minister

Egypt to upgrade six oil refineries - Minister

Illustrative picture. PHOTO CREDIT: MIDOR

Egypt’s Petroleum Minister, Tarek El Molla, said the government plans to upgrade six of the country’s eight oil refineries to boost domestic production to 41 million tonnes per year.

Molla said on Sunday that the upgrade will cost $9 billion over four years.

“We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products,” he said.

Egypt’s eight refineries with a capacity of 38 million tonnes, currently produce 25 million tonnes yearly.

Meanwhile, the 650,000 barrels per day (bpd) Dangote Refinery, the largest single train refinery in the world, would commence operations in April 2020.

President of the Dangote Group, Alhaji Aliko Dangote, who made the disclosure yesterday said the refinery will save Nigeria $7.5 million annually through import substitution.