Egypt is implementing eight new projects worth over $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, the Egyptian Ministry of Petroleum and Mineral Resources further revealed that it is accelerating the implementation of new refining projects, with an estimated total investment cost of $7.5 billion.

This is in line with the Ministry's efforts to develop and promote the performance of the petroleum refining industry in North African countries. The strategy also aims to increase the production capacity of petroleum and petrochemical products to ensure their local supply and reduce imports.

Some projects under implementation include the diesel production complex of Assiut National Oil Processing Co., and the expansion of the coking and diesel production complex of Suez Petroleum Processing Company in Suez.

The development and modernization strategy of the petroleum industry is eager to update the national plan for the petrochemical industry, unleash its capabilities, and achieve maximum returns for the Egyptian economy. Therefore, it is expected that this will maximize the added value of the country's natural resources.

As of the end of fiscal year 2021/2022, the annual production of domestic petrochemical materials exceeded 3.4 million tons, a significant increase from approximately 2.1 million tons in fiscal year 2015/2016.

A few days ago, in line with the modernization project, the department launched a new service that makes it easier for investors to discover opportunities in the country. According to a statement, the upstream gateway digital platform aims to sell oil zones globally. It will also provide geological data required by current and potential investors, and promote bidding in the oil and gas exploration field in North African countries.

The modernization project was launched in 2016 with the aim of designing and implementing a comprehensive transformation plan for Egypt's oil and gas industry. Its main goal is to develop a modern and efficient oil and gas sector by addressing governance and accountability, as well as supporting financial sustainability and fiscal balance.Editor/XingWentao