Africa Oil & Gas: “Egypt to invest $9 billion refineries’ upgrade over four years” – Minister

Egypt plans to upgrade six oil refineries at a cost of about $9 billion over four years to increase domestic production to 41 million tonnes a year, the petroleum minister said.

“We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products,” the minister, Tarek El Molla, said during a conference in Cairo late on Sunday night, without giving further details.

Egypt currently has eight refineries with a capacity of 38 million tonnes, of which only 25 million tonnes are utilised. source: Reuters