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Egypt to invest $9bn in refineries upgrape

Egypt says it plans to upgrade six oil refineries at a cost of about $9 billion over four years to increase domestic production to 41 million tonnes a year.

The country’s Petroleum Minister, Tarek El Molla made this known during a conference in Cairo.

We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products, the Minister said.

Egypt currently has eight refineries with a capacity of 38 million tonnes, of which only 25 million tonnes are utilised.

Source: Voice of Nigeria