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Egypt Locally Manufactures Salt Separators to Develop Oil Refineries

Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and heads of government oil companies during the meeting. (Asharq Al-Awsat)
Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and heads of government oil companies during the meeting. (Asharq Al-Awsat)
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Egypt Locally Manufactures Salt Separators to Develop Oil Refineries

Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and heads of government oil companies during the meeting. (Asharq Al-Awsat)
Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla and heads of government oil companies during the meeting. (Asharq Al-Awsat)

Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla has revealed that his country is intensifying efforts to increase reliance on local components in the development of oil refineries.

Petrojet company manufactures some of the main components that are installed in the production units in refineries such as salt separators, he added.

El-Molla stressed the significance of refineries in the country, specifically Alexandria which represents around 40 percent of the oil refineries across the country.

He made his remarks as he chaired through videoconference a meeting for several state-owned oil companies such as Alexandria Petroleum Company, Amreya Petroleum Refining Company, Egyptian Petrochemical Company, and Petroleum Pipelines Co.

Minister of Local Development Hisham Amna and the Minister of Trade and Industry, Ahmed Samir, were also present.

El-Molla remarked that investments continue to be pumped to develop the national petroleum transportation network, which boosts Egypt’s role as a regional hub for energy trade. This role must go in parallel with a modern, safe, and strong network of high efficiency to transport oil products, he said.

Chairman of the Board of Directors of Petroleum Pipelines Co. Fathi Mansour stated that the firm started the implementation of new transportation lines to transport oil and the expansion of two storage terminals with an investment value exceeding EGP6 billion.

Mansour added that new lines would extend over 600 km with an investment value surpassing EGP11 billion.

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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.