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Egypt seeking self-sufficiency in petroleum during 2022-2023: PM

30.08.2020 [15:32]
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Egypt seeking self-sufficiency in petroleum during 2022-2023: PM

Baku, August 30, AZERTAC

Egyptian Prime Minister Mostafa Madbouly announced Saturday that Egypt is aiming to achieve self-sufficiency in petroleum during fiscal year 2022-2023, according to Egypt Independent.

His remarks came during press statements made at the inauguration of several national projects in Alexandria.

Madbouly explained that Egypt has a vision to possess its own capacity and meet all the needs of its citizens, especially within the oil and mineral resources sector.

Up until recently Egypt used to import most of these products, he said, adding that now “Our goal with these mega projects is to reach self-sufficiency in products and import only crude oil, in addition to expanding all joint investment contracts.”

And Minister of Petroleum and Mineral Resources Tarek al-Molla stated that Alexandria Governorate seen as one of Egypt’s oil strongholds.

Egypt contains 12 oil refineries distributed in major regions, the most important of which are in Alexandria, he said, holding 45 percent of Egypt’s refining capacity.

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