Egypt plans to invest around $9 billion in the upgrade of six oil refineries to boost local production to 41 million tons a year, Reuters has reported, citing Tarek El Molla, Egypt's Minister of Petroleum and Mineral Resources.

 

The upgrade process is expected to take over four years, he added.

 

“We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products,” El Molla noted on the sidelines of a conference in Cairo.

 

Egypt currently has eight refineries with 38 million tons in capacity, and only 25 million tons are utilized.

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