Egypt has announced plans to upgrade six of its major oil refineries over the next four years, at a cost of around US$9 billion.
This is in a bid to increase the local production of refined petroleum products, as reported by Reuters.
The North African nation currently produces just 25 million tons of its 38 million tons per annum capacity. The upgrades are expected to increase annual production levels to 41 million tons.
The announcement is the latest development in the country’s plans to expand capacity and upgrade infrastructure, which – according to a report in the Arab Weekly – is required to ‘meet growing local demand, reduce dependence on imports and allow for the processing of petroleum from other countries’.
