{"id":556409,"date":"2021-10-25T04:24:14","date_gmt":"2021-10-25T04:24:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/25\/egypt-on-track-to-achieve-self-sufficiency-in-fuel-products-by-2023-el-molla\/"},"modified":"2021-10-25T04:24:14","modified_gmt":"2021-10-25T04:24:14","slug":"egypt-on-track-to-achieve-self-sufficiency-in-fuel-products-by-2023-el-molla","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/25\/egypt-on-track-to-achieve-self-sufficiency-in-fuel-products-by-2023-el-molla\/","title":{"rendered":"Egypt on track to achieve self-sufficiency in fuel products by 2023 \u2013El Molla"},"content":{"rendered":"

<\/a> Egypt is on track to reach its target of fuel self-sufficiency by 2023<\/strong> as large-scale upgrades to oil refineries and new facilities expected to cost USD 7 bn come online, Oil Minister Tarek El Molla said in an interview yesterday with Bloomberg (read<\/a> or watch, runtime: 4:45<\/a>). Together, those projects are expected to add an annual production capacity of 6.2 mn tonnes of refined products, including gasoline and diesel, El Molla said on the sidelines of the Saudi Green Initiative conference<\/a> in Riyadh. The plans come as part of the government\u2019s newfound policy of refining crude locally instead of importing refined products, the minister added, noting that Egypt is \u201cnot a big oil producer, but \u2026 [is] doing great in refined products.\u201d<\/p>\n

(You can thank, in good measure, Ahmed Heikal\u2019s Egyptian Refining Company <\/strong>for the improved local availability of refined product in recent times.)<\/p>\n

A parallel plan involves capitalizing on the recent pick-up in LNG exports<\/strong>, with an eye to negotiate more long-term sales agreements to reduce the country\u2019s reliance on the spot market, El Molla said. Some 60% of LNG exports are currently made through long-term contracts and 40% on a spot basis, he added.<\/p>\n

Egypt\u2019s <\/strong>strategy to become a regional energy hub<\/a><\/strong> is also pertinent due to Europe\u2019s ongoing <\/strong>energy crisis<\/a><\/strong> and the global shortage of natural gas. The resulting \u201cbig spike [in natgas prices] is exceptional and not sustainable,\u201d El-Molla said, but added that \u201call neighbors are looking at Egypt as a gas hub and as an outlet for their gas.\u201d<\/p>\n

A new pipeline in the works:<\/strong> Egypt is considering connecting its gas grid to Israel through a new USD 200 mn onshore pipeline through North Sinai, Israel\u2019s energy minister announced last week<\/a>. The pipeline could be operational within two years and is expected to boost exports by 3-5 bn cubic meters (bcm) annually, and could eventually boost supplies to Europe.<\/p>\n

Egypt became a net exporter of natural gas and LNG in 2018 after the discovery of the supergiant Zohr gas field<\/strong> \u2014 the Mediterranean\u2019s largest \u2014 allowed us to pull the plug<\/a> on imports. LNG exports also picked up steam after we brought the Damietta liquefied natural gas (LNG) plant online earlier in the year<\/a> following an eight-year hiatus. The revival of the plant was expected to boost Egyptian natgas supplies to Europe, at least 30 LNG shipments have made their way out<\/a> of the revived plant and the Idku facility since then.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt is on track to reach its target of fuel self-sufficiency by 2023 as large-scale upgrades to oil refineries and new facilities expected to cost USD 7 bn come online, Oil Minister Tarek El Molla said in an interview yesterday with Bloomberg (read or watch, runtime: 4:45). Together, those projects are expected to add an […]<\/p>\n","protected":false},"author":1,"featured_media":556410,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[93,72,91,195],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-tarek-el-molla","wpautop","entry"],"acf":{"mongo_id":"f6a3036a-5d06-47cb-996e-23372a87145a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/258.png","photo_position":"above","related_issue":[556401],"teaser":"","voice_url":""},"yoast_head":"\nEgypt on track to achieve self-sufficiency in fuel products by 2023 \u2013El Molla - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/25\/egypt-on-track-to-achieve-self-sufficiency-in-fuel-products-by-2023-el-molla\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt on track to achieve self-sufficiency in fuel products by 2023 \u2013El Molla\" \/>\n<meta property=\"og:description\" content=\"Egypt is on track to reach its target of fuel self-sufficiency by 2023 as large-scale upgrades to oil refineries and new facilities expected to cost USD 7 bn come online, Oil Minister Tarek El Molla said in an interview yesterday with Bloomberg (read or watch, runtime: 4:45). 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Egypt\u2019s final imported LNG cargo is planned for September 2018, meaning gas imports\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600216,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/22\/egypts-planned-usd-8-5-bn-alamein-refining-complex-to-produce-3-4-mn-tonnes\/","url_meta":{"origin":556409,"position":4},"title":"Egypt\u2019s planned USD 8.5 bn Alamein refining complex to produce 3.4 mn tonnes","author":"enterpriseam admin","date":"22 January 2019","format":false,"excerpt":"The planned USD 8.5 bn petroleum refining complex in New Alamein is expected to produce some 3.4 mn tonnes of refined crude per year, according to an Oil Ministry statement. State-owned Egyptian Petrochemical Holding Company completed its studies on the complex, which is set to come online in 2024, last\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632624,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/15\/first-private-sector-lng-import-license-to-be-issued-at-the-end-of-feb-sources\/","url_meta":{"origin":556409,"position":5},"title":"First private sector LNG import license to be issued at the end of Feb -sources","author":"enterpriseam admin","date":"15 February 2018","format":false,"excerpt":"New natgas regulator to issue first LNG import license before the end of Feb? The newly-established natural gas market regulator is expected to issue the first LNG import license to the private sector before the end of February, when its board meets for the first time, sources close to the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/2\/1145.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=556409"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556409\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/556401"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/556410"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556409"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556409"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}