Egyptian refineries have secured approximately 65% of the country’s daily demands for petroleum products, stated Head of the Egyptian General Petroleum Corporation (EGPC), Abed Ezz El Regal, according to Amwal Al Ghad.
Egypt will import fuel cargoes to compensate for the market shortage, which is between 30% and 35% of domestic demand.
Ezz El Regal projected that the shortage will be met by domestic production after the Egyptian Refining Company’s refinery begins production and the expansion projects at the Middle East Oil Refinery (MIDOR) and the Asyut refinery are completed.
Egypt’s fuel imports will slow and then cease during 2018, he said, pointing to an additional 705,000 barrels per day (b/d) of crude oil and condensates that new fields are projected to produce.
The Egyptian Ministry of Petroleum and Mineral Resources plans to increase total daily crude-oil and condensates output and link new discoveries to production during fiscal year 2017/2018.