The Oil Ministry aims to build a USD 2.3 bn hydrogen cracking and gasoline producing complex in Suez, Minister Tarek El Molla told the domestic press. Four projects have already been implemented with USD 309 mn in investments, El Molla said, adding that the ministry is also looking to develop six refineries with USD 9 bn in investments over the coming four years. The ministry has also begun preparing a plan to increase foreign investment in oil and gas exploration,El Molla said, without providing details on the strategy. The ministry had announced previously it is targeting USD 10 bn in fresh investments in the oil and gas sector during the current fiscal year. El Molla noted that global investment in the sector has seen a decline in response to fluctuating brent crude prices.

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