CAIRO– The Petroleum Ministry works on carrying out new oil refining and petrochemical projects with $9-billion investments.
The ministry said in a statement on Saturday that the oil refining projects are being implemented in the governorates of Alexandria, Assiut and Suez with investments worth about $7.5 billion.
The new petrochemical projects aim to maximize the value added of natural wealth with $1.4 billion investments in the governorates of Behaira and Damietta and New Alamein city.
The ministry also managed to run eight new oil refining projects with total investment cost exceeding $5 billion under the strategy launched in 2016 to develop that sector, increase production capacity of petroleum and petrochemical products and cut imports.
That strategy has contributed to doubling local production of petrochemicals from some 2.1 million tons in the fiscal year of 2015-2016 to more than 4.3 million tons a year by the end of the FY 2021-2022, the note added.
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