Wednesday, March 15, 2017

The Future of Egypt’s Refining & Petrochemical Industry - WORLD REFINING ASSOCIATION

Egypt is currently the largest oil producer in Africa outside of OPEC and the second largest natural gas producer after Algeria. Egypt, having already taken on a major role in international energy markets is now seeking to get its downstream industry back on track.

Egypt has great potential when it comes to refining and petrochemicals. It is an important transit route, offering great potential to become a hub for petroleum products. Nonetheless, since the Arab spring uprising of 2011 that saw the overthrowing of President Hosni Mubarak, great tolls have been taken on the domestic oil, gas and petrochemical industries.

Many challenges lie ahead for the refining and petrochemical sectors, but since the election of General Abdel Fattah el-Sisi to the presidency, the situation is starting to look up. Egypt is regaining its political and economic stability and the President has now urged members of the government and relevant institutions to implement the necessary measures to increase the production of oil and gas within the country and subsequently provide much needed feedstock to the downstream industry.

The recent ‘Egypt the Future’ conference held in Sharm El Sheikh in March 2015, highlighted the importance of the oil and gas sector for Egypt’s economic and social recovery.

Following the Minister of Petroleum & Mineral Resources, Sherif Ismail Mohamed’s announcement last September that Egypt is going to invest US$ 14.5 billion in their domestic refining and petrochemicals sector over the next five years, Egypt’s refining and petrochemical industries are at the forefront of the government’s plans to put the energy sector back on the path to growth.

This report seeks to outline some of the opportunities and challenges facing Egypt’s downstream industry and provide a bird’s eye view of the current refining and petrochemical landscape within the country.

The World Refining Association is committed to creating high quality, strategic and technical conferences across the globe. We also recognise the need for pioneering industry content throughout the year. It is for this reason that the World Refining Association has produced this report and we look forward to enabling knowledge sharing and learning on this timely industry topic.

Best Regards,
Maxwell Thompson
Project Manager
World Refining Association