By Bedour El Raie and Mahmoud Salahuddin

Cairo – Mubasher: The total value of oil refinery and natural gas projects currently undertaken in Egypt amounts to $22.3 billion, said Sherif Sousa, undersecretary to the oil minister.

These projects include $13 billion in natural gas and $9.3 billion in oil refinery, added the official.

He explained that Egypt has abundant resources that will help it get over its challenges.

Egypt’s government seeks to transform the two coastal cities of Alexandria and Suez into global hubs for oil refinery, while also turning the country into a global centre for energy production and administration, according to the official.

Sousa also said the oil ministry has signed a record number of around 56 exploration agreements, the impact of which will be reflected over the next five years.

Translated by Sayed Abdel Rahman