Cairo - Mubasher: Egypt is currently implementing a comprehensive programme for developing and modernising the petroleum refining and petrochemicals sector through raising the efficiency of existing refineries and adding new production units, Minister of Petroleum and Mineral Resources Tarek El-Molla said.

New petrochemical projects are being established to ensure the continuous supply of petroleum and petrochemical products in the local market and reduce the import bill, El-Molla added in a statement on Thursday.

Work is underway for implementing five major petrochemical and refining projects with investments of about $14 billion, he revealed.

El-Molla held a meeting with several petrochemical and petroleum companies to follow up on the progress of major projects.

The Chairman of Middle East Oil Refinery (Midor) said that the first phase of its expansion project which aims to boost the refining capacity to 60,000 barrels per day with investments of $2.4 billion will be complete in the upcoming period.

The minister also followed up on the progress of Red Sea National Refining and Petrochemicals Company's $7.5 billion project, Anopc's $2.9 billion diesel production project with a capacity of 2.5 million tonnes per year, $64 million Asphalt project in Suez with a capacity of 1,200 tonnes per day, and $1.4 billion carbonisation complex in Suez.

Source: Mubasher

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