(Ecofin Agency) - In Egypt, the Petroleum Minister Tarek El-Molla (photo) has said that the petroleum sector is presently carrying out new refining projects with investments estimated at $7.7 billion.

According to El-Molla, the ministry is devoted to the schedules and time of delivering and operating the projects.

He added that the petroleum sector is implementing a broad strategy that will address the local market's rising demands for petroleum products since the country imports oil products to meet local production and consumption.

These executed projects includes establishment of a new Vapor Recovery Unit (VRU) unit to produce 42,000 tonnes of butane and 356,000 tonnes of naphtha every year for the Assiut Oil Refining Company (ASORC) with investments of about $21 million.

The Oil refining company is also carrying out the project of constructing a Continuous Catalyst Regeneration (CCR) unit to produce about 600,000 tonnes of gasoline and 40,000 tonnes of butane with investments estimated at about $350 million.

The latest progress in the project is the establishment of a new VRU unit for Suez Oil Processing Company to produce 48,000 tonnes of butane, 80,700 tonnes of naphtha and 71.4 tonnes of gases per year with an investment of around $44 million, Amwal Alghad news reports.

Anita Fatunji