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Egypt Earmarks $1.5 Billion to Revamp Refineries, Minister Says

Jan. 29 (Bloomberg) -- Egypt will spend $1.5 billion to revamp its refineries over the next two years and increase annual fuel output by as much as 6 million metric tons, Oil Minister Osama Kamal said.

Actual production from the nation’s refineries is 24 million to 25 million metric tons a year compared with maximum processing capacity of 36 million to 37 million tons, Kamal said at a media conference Jan. 27. While half of that unused output could be upgraded, the other half is outdated and can’t be made operational, he said.

“After some incidents took place, urgent funds of $500 million have been earmarked to enact safety-operation procedures,” Kamal said. “Between 5 to 6 million tons of production could be added to ease the situation over the next two years with investments of $1 billion.”

To contact the reporter on this story: Ola Galal in Cairo at ogalal@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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