Egypt’s Minister of Petroleum and Mineral Resources Tarek el-Molla said upgrading petroleum transportation network heightens Egypt’s role as a key regional energy trade hub.
During a meeting Sunday with members of the general assemblies of a number of public sector petroleum companies the minister said Egypt’s role as a key regional energy trade hub necessitates the existence of a robust, safe, up-to-date and efficient network for transporting petroleum products that best delivers products to import and export areas, according to a statement by the minister.
Molla referred to the expansions in petroleum facilities for energy consumption rationalization projects, along with increasing energy utilization efficiency, the statement said.
He also highlighted the great attention given to the importance of localizing the nuts and bolts of oil refineries’ components, instead of exporting them, it added.
The minister accentuated the necessity of meeting local market needs of petrochemical products for being crucial to many industries and vital sectors, especially in light of a newly incorporated all-out petrochemicals manufacturing strategy, with the aim of maximizing benefit from outcome of petrochemicals industries, the statement read.
The petroleum sector bustles with many experts and cadres who are capable of developing the petrochemical industry, he noted, saying that investments directed to upgrade the petroleum transportation network will continue in order to support the grid as it is a pivotal feeding factor for the energy supply chain, the statement said.