Refineries
They discussed the rates of carrying out these projects including oil and natural gas explorations in the short and long terms.
Egypt’s mineral resources sector seeks to connect natural gas to three million housing units in light of the medium-term sustainable development strategy.
Petroleum Minister Tarek el-Molla discussed with Japanese company Toyota on Sunday an initial study to establish a refineries complex in Suez governorate.
During this period, the ministry achieved 520 crude oil discoveries, according to figures from state statistics agency CAPMAS.
The Petroleum Ministry is executing 7 projects to develop and expand refineries, with LE 8.3 billion investments.
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.
Oil prices dipped Wednesday but gasoline spiked to its highest since mid-2015 as flooding in the wake of Hurricane Harvey knocked out quarter of U.S refineries.
Flooding from tropical storm Harvey caused ongoing large-scale U.S. refinery outages on Tuesday.
Gasoline prices hit two-year highs as massive floods caused by the storm forced refineries across the U.S. Gulf Coast to shut down.
U.S. refiners could face a continued squeeze on profit margins in the months ahead as dwindling supplies of heavy crude from Venezuela and elsewhere.
Ministry of Petroleum in partnership with the Ministry of Public Business Sector will establish a petrochemical plant in Suez at a total cost exceeds $4 billion
Egypt imports 30-35% of its petroleum needs, Molla says.
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