An official at the Egyptian General Petroleum Corporation (EGPC) said that the bill of oil shipments imported from abroad costs $450m, which is the value of products needed by the market to satisfy and fulfil domestic consumption.
The official added that gasoline, diesel, and butane account for the largest part of imports, explaining that the imports will be cut in 2019, as several new refining units in Egypt spring into action.
He pointed out that the country’s production of crude oil and condensates rose to 660,000 barrels per day, in line with the plan to develop and rehabilitate the local laboratories, the expansion of some laboratories such as MIDOR in Alexandria, the addition of new production units at the Assiut plant in Upper Egypt, as well as developing the Suez labs. This will create an integrated system within three years.
He pointed out that the production growth and the development of refineries will push the sector to limit imports to crude oil only, and stop the import of refined petroleum products, therefore reducing fuel allocations in the state budget as the government tends to decrease energy subsidies.
