Egypt has started eight new projects worth $5 billion to expand its oil sector

Egypt is executing eight new projects worth more than $5 billion as part of its strategy to modernize the country's oil sector, with a focus on refining and manufacturing expansion. According to a statement, Egypt's Ministry of Petroleum and Mineral Resources further revealed that it is accelerating work on the implementation of new refining projects with a total investment cost estimated at $7.5 billion.

This is in line with the ministry's efforts to develop and drive the performance of the oil refining industry in the North African country. The strategy also aims to increase the production capacity of petroleum and petrochemical products to ensure their local supply and reduce imports. Some of the projects being implemented include Assiut National Oil Processing Co. The diesel production complex of the Suez Petroleum Processing Company and the expansion of the coking and diesel production complex in Suez.