Egyptian Minister of Petroleum Oil Company of the determination of an Egyptian state-owned and investors did not disclose their spending nine billion dollars in five years to set up oil refinery and petrochemical complex in the northern coast.

 Sameh Fahmy told  Reuters that the refinery production capacity will reach 350 thousand barrels a day, will begin production by in 2010 will be held in the city of Port Said or Jamas. But did not clarify the identity of the investors who will participate with the Egyptian General Petroleum Corporation in the project, did not provide further details.
He expected Fahmy last May to increase its production of oil thirty thousand barrels to 735 thousand barrels in the three months after the country reduced production of oil from the highest levels of near one million barrels in the Nineties past. He said his country to increase the reserves of oil and condensates quantity of 221 million barrels to 4.189 billion barrels in fiscal year 2007/2008 ending June 30 last.
The company in the castle for financial investments Egypt in 2007 it will build oil refinery in Egypt cost 2.4 billion dollars and be completed in four years. Libya also announced its intention to establish a refinery for refining oil in Egypt’s northern coast in the framework of investments worth ten billion dollars in Egypt.
Source: Reuters