Egypt targets mid-2025 completion for coking, diesel complex in Suez

Updated 10/8/2024 9:28:00 AM

Arab Finance: The Egyptian Ministry of Petroleum and Mineral Resources is aiming to finalize the construction of the coal and diesel production complex at the Suez Refinery by mid-2025, a government official source told Al Arabiya.

This project, led by the Suez Oil Company, involves investments exceeding $1.8 billion, the official said, noting that it will boost domestic production of essential fuels, including gasoline and butane.

The official also noted that the project’s progress is contingent on securing the remaining financial allocations.

Petrojet and ENPPI are in charge of the project's construction, while the Egyptian Projects Operation and Maintenance company (EPROM) will oversee its operation at the coking complex and provide necessary maintenance support, he said.

The complex will involve a unit for processing diesel necessary to meet the local market’s demand, which will help reduce Egypt's fuel import bill by approximately 20% per month, the source unveiled.

Additionally, he mentioned that Egyptian refineries are undergoing a number of replacement and renovation projects that play a crucial role in supporting Egypt's ambition to become a regional energy hub amid government expansions at Mediterranean ports.

The government is also establishing pipelines and fuel storage facilities on the Mediterranean cost, he pointed out.

It is worth noting that the government has been successful to operate eight new projects in the field of oil refining and production at a total cost of over $5 billion, as per a statement by the Ministry of Petroelum.

These efforts are part of Egypt's long-term strategy, launched in 2016, to develop its petroleum refining industry and increase local production capacity.

The ministry is also carrying out refining and petrochemical projects, with a total investment of up to $9 billion, including the expansion of the Midor refinery in Alexandria and the diesel production complex at Assiut National Oil Processing Company (ANOPEC) in Assiut.