Egypt plans to invest US$14.5 bln in developing its refining and petrochemicals sectors over the next five years, as part of efforts to overcome an energy crisis that has led to near-daily power cuts and hit company profits, its oil minister was quoted by Reuters. Floating stakes are being considered in some state-owned oil companies on the Egyptian stock exchange.
Sherif Ismail told Reuters in an interview that Egypt was trying to boost its output of refined oil products by 5-10% each year, hoping to reduce its dependence on costly imports. "Total investments that will be implemented over the next five years will be around $14.5 billion and include US$12.5 bln in the refining sector and US$1.9 bln in the ETHYDCO project."
30-Sep-14 
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