Wed, 08 Jul 2020 - 11:20 GMT
Minister of Petroleum and Mineral Wealth Tarek El-Molla -REUTERS
CAIRO - 8 July 2020: Petroleum and Mineral Resources Minister Tarek el Molla asserted that the project of a mazut hydrocracking complex in Assiut is the largest oil refining project to be implemented in Upper Egypt, with investments totaling $2.8 billion.
The project comes to support efforts and developmental programs implemented in Upper Egypt, Molla said.
The main contract and sub-contracts of the project was signed in the presence of Mulla, Mohamed Badr Eddin, President of Assiut National Oil Processing Company (ANOPC), and representatives from Enppi and Italy’s Techint Engineering, according to a statement by the Petroleum and Mineral Resources Ministry.
The project aims at maximizing the utilization of state resources by taking advantage of the latest hydrocracking technology to refine mazut, a low-value product, and transform it into petroleum products of a higher value, mainly diesel with European specifications.
The complex in Assiut aims for a production capacity of 2.8 million tons annually, the statement added, and the facility will also produce butane and naphtha used in the production of high-octane gasoline.
The project will contribute to covering the needs of Upper Egypt in terms of petroleum products, which the project’s organizers say should reduce the volume of petroleum imports to the country.
The project is also expected to provide job opportunities in the Upper Egypt area, the statement said.