Egypt inaugurated a new gasoline production complex in Assiut Governorate in Upper Egypt, estimated to provide about 13 percent of the country's needs of high-octane gasoline, with investments amounting to more than EGP7 billion.
The complex was inaugurated by President Abdel Fattah el-Sisi, along with several other developmental projects in the same area.
Minister of Petroleum and Mineral Resources Tarek El-Molla reviewed the role of the petroleum sector in the development of Upper Egypt, noting that the region's ten governorates require 20 percent of Egypt's total petroleum products.
He noted that the newly inaugurated complex seeks to produce 800,000 tons of gasoline annually to cover the needs of Upper Egypt's governorates.
Molla said that the complex aims to reduce dangers and save costs of transporting petroleum products from the north to the south.
The complex also aims to maximize the utilization of Assiut Oil Refining Company's assets by bumping new investments in Upper Egypt's governorates.
The project will contribute to achieving sustainable development and improving the quality of life for the Upper Egyptian residents.
Egypt's local production of gasoline increased to 6 million in 2021, upping from 3.9 million in 2014.
Molla reviewed the efforts of the petroleum sector in developing Upper Egypt in various petroleum activities, pointing that the South Valley Egyptian Petroleum Holding Company (Ganope) established ten agreements in the field of research, exploration, and production.
He also announced that the capacity of butane storage warehouses in Upper Egypt increased by 6.5 thousand tons with investments of EGP120 million, bringing the total storage capacities to 22 thousand tons.
The transportation, storing, and shipping infrastructure have also been developed. The storage capacities of gasoline and diesel warehouses were increased by about 2500 tons, with a total investment of EGP70 million.
Transporting crude oil and petroleum projects were developed by adding 570 km with investments of EGP1.2 billion, bringing the total lengths to 1,840 km.
