State-owned Egyptian General Petroleum Corporation (EGPC) is progressing refinery upgrades expected to cost a total of $5.4bn, while planning for further new refineries and units with an estimated total cost of $11.8bn. The projects under way are mainly intended to increase upgrading capacity for lighter products at the company’s relatively unsophisticated refineries, while a proposed new refinery at Ain Sukhna and two expansion projects will boost Egypt’s total crude processing capacity.
In a recent presentation to the American Chamber of Commerce in Egypt, EGPC chairman Tarek El Molla provided an update on seven refinery projects under way and due to be completed in 2016-18. He also outlined five planned refinery upgrades and said a proposed new refinery at Ain Sukhna was now scheduled for development during 2018-20. An Egyptian-Kuwaiti venture had planned to build a refinery and petrochemicals plant at Ain Sukhna, but pulled out in 2009 when the government altered its tax terms. (CONTINUED - 605 WORDS)