Al-Mulla: Egypt to Achieve Fuel Self-Sufficiency by 2022-23

Minister of Petroleum and Mineral Resources Tarek al-Mulla said on Saturday that Egypt strives to obtain self-sufficiency of fuel by 2022-23.

This came during the annual international conference of the Future House in Lebanon "Middle East Energy and Geopolitics Forum," which was inaugurated by former Lebanese President Amine Gemayel.

Al-Mulla added that efforts are undertaken to shift Egypt's focus toward value-added industries through the development of the refining system and boosting petrochemical industries.

He pointed out that the self-sufficiency of fuel and petroleum products is expected to take place following the completion of all new expansions in the Egyptian refinery sector by 2022-23.

The minister added that there is a global interest in the petrochemical industry, which will serve in stimulating growth and expansion of the sector.

[caption id="attachment_57075" align="aligncenter" width="488"] Al-Mulla during a speech at the Middle East Energy and Geopolitics Forum[/caption]

"Current ongoing projects aim to reduce the import of petrochemical products and increase self-sufficiency from local products," he noted.

"The current global trend towards new and renewable energy will lead to a surplus in fossil fuels, leading to a greater focus on the petrochemical industry," he added.

Al-Mulla pointed out that the growing discoveries and transformations in Egypt, making a regional energy hub, will help it maintain advanced infrastructure in the field of liquidation and export of natural gas.

"Egypt has recently witnessed an increase in the production of natural gas, transforming the country from a gas importing country to a self-sufficient one," he concluded.