Petroleum Minister Tarek el-Molla during the signing of the protocol - Press photo
CAIRO – 24 March 2018: Co-operation petroleum Company and the governorate of Kafr El-Sheikh signed Saturday a cooperation protocol to establish seven new petrol stations, with investments of LE 50 million, a statement from the Petroleum Ministry said.
The signing was attended by Petroleum Minister Tarek el-Molla, who said that his ministry is executing projects to improve services in governorates and provide citizens with their needs of fuel.
Molla shed light on the importance of the signed protocol in supporting the ministry’s plan to expand in the establishment of gas stations, adding that the ministry is seeking to sign similar protocols with other governorates.
The governor of Kafr El-Sheikh said that the protocol will utilize the governorate’s assets for the benefit of residents, which will also help create jobs.
The petroleum Ministry announced this month that seven new petrol stations will open in Upper Egypt in 2018, with LE 85 million investments.
Egypt’s Petroleum Ministry is planning to boost its production of gasoline, diesel, butane gas and jet fuel through the implementation of a number of projects to develop and expand refineries, with LE 8.3 billion investments.
The projects would add 11.6 million tons of petroleum products in the coming four years.
The ministry is working on developing refineries to boost domestic production of petroleum products, with the aim of filling the gap between production and consumption.
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.