in Short

Egypt: 9 billion $ to improve oil production

To no longer suffer fluctuations in oil prices on international markets, Egypt has not hesitated to tap into its finance to ensure its supply of hydrocarbons and create significant reserves. To achieve this goal, the country has injected 9 billion to modernize six of its refineries. According to Petroleum Minister Tarek El Molla, investments over a four-year period will boost domestic production to 41 million tonnes a year. « We are trying to secure crude oil supplies from Egyptian refineries to increase local production of refined products, » the minister said at a conference in Cairo on Sunday, Reuters reported. The country, which has eight oil refineries with capacities estimated at 38 million tons, while it exploits only 25 million, hopes to develop its potential in oil resources. In collaboration with specialized multinationals, Cairo is planning explorations in the Red Sea in search of more oil and natural gas

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