Petroleum Minister: Implementing major oil refinery ventures to achieve self-sufficiency by 2023
Sunday، 07 March 2021 - 02:00 PM
Minister of Petroleum and Mineral Resources Tarek el Molla said his ministry is carrying out a number of key oil refinery ventures, with a view to achieving self-sufficiency by 2023.
In statements Sunday, during an inspection tour of the Middle East Oil Refinery (MIDOR) project at a total investment cost of dlrs 2.3 bn, that aims at upping refinery capacity by 60%, the minister said all ventures are being implemented as part of an overall refinery project expansion-plan devised by the petroleum sector, including ventures in Alexandria National Refining and Petrochemicals Company (ANRPC), the Egyptian Refining Company’s (ERC) Mostorod refinery - inaugurated by President Abdel Fattah El Sisi in 2020, along with on going work at Assuit Oil Refining Company's (ASORC) Octane complex.
He instructed acceleration of work path at all oil refinery- related projects.
According to the minister, state-of-the- art technology is being incorporated in implementing all ventures towards the production of oil products that meet requirements of international standards in this regard.
He also lauded efforts of two companies: the Engineering for the Petroleum & Process Industries (ENPPI) and the Petroleum Projects & Technical Consultations Company (PETROJET) for having contributed a great deal to executing mega development schemes, citing a promising opportunity for both firms to tap international markets in the oil field.
The minister noted that the Ministry's refinery strategy targets continued increase of local oil production, reducing exports, along with ensuring availability of oil products in local markets, that gained tangible stability due to the Ministry's ambitious plan on ramping out the refinery industry, to render Egypt a regional hub for oil and natural gas products' trade and storage.