The Philadelphia Energy Solutions oil refinery owned by The Carlyle Group is seen at sunset in Philadelphia, Pennsylvania, U.S. March 26, 2014. REUTERS/David M. Parrott/File Photo
CAIRO – 3 December 2017: Egypt’s Petroleum Ministry aims to increase its annual production of gasoline, diesel, butane gas and jet fuel by 11.6 million tons in the next four years, at an investment of $8.3 billion, boosting total production to around 28.5 million tons, up from the current 16.9 million tons.
This comes as part of the ministry’s plan to expand and develop refineries to boost domestic production of petroleum products, with the aim of filling the gap between production and consumption.
Under the plan, the ministry targets producing 3.113 million tons of gasoline, 6.603 million tons of diesel, 481,000 tons of butane gas and some 1.438 million tons of jet fuel.
The plan includes expanding and developing plants at the Egyptian Refining Company, Alexandria National Refine & Petrochemical (ANRPC), Assiut Oil Refining Co.
(ASORC), Alexandria’s Middle East Oil Refinery (MIDOR) and Suez Oil Processing Co.
As part of Egypt’s reform program, the government had slashed fuel subsidies three times since 2014. The last increase was in June 2017, when the government hiked fuel prices by up to 50 percent.
The price of 92-octane gasoline had increased to LE 5, from LE3.5 pounds per litre, Diesel and 80-octane, the most commonly used fuel, rose to LE 3.65 pounds per litre from LE 2.35, while cooking gas cylinders’ prices increased to LE 30, from LE 15 per cylinder.