Egypt’s Prime Minister, Mostafa Madbouly, has announced that Egypt intends to halt the import of petroleum products (gasoline and diesel) starting next year, in an effort to reduce import costs.
This decision comes at a time when the country faces a foreign currency shortage and heavily relies on imports to meet its fuel needs.
The announcement was made during the “Hekayat Watan” (Tales of a Nation) conference, which kicked off on Saturday, attended by President Abdel-Fattah el-Sisi, several ministers, politicians, youth, media representatives, and members from various sectors of society. The conference aimed to showcase Egypt’s achievements across different fields.
Madbouly stated, “Next year, we will be capable of producing all petroleum products locally.” He further clarified that Egypt would continue to import crude oil but would refine it domestically.
“We will import crude oil, but it will be refined and processed here in Egypt instead of importing gasoline and diesel,” he added.
The Egyptian Prime Minister emphasized that the country has the necessary infrastructure to become a true regional hub for petroleum and gas trading.
It’s worth noting that in addition to importing crude oil and natural gas, Egypt also imports petroleum products.
According to data from the Egyptian Central Agency for Public Mobilization and Statistics, the value of crude oil and petroleum product imports in June of last year amounted to $877 million.
