RIYADH: Egypt is executing eight new projects worth over $5 billion as part of its strategy to modernize the country’s petroleum sector, with a key focus on refining and manufacturing expansions. The Egyptian Ministry of Petroleum and Mineral Resources further revealed that it is accelerating works on the implementation of new refining projects with a total investment cost estimated at $7.5 billion, according to a statement. This falls in line with the ministry’s bid to develop and propel the performance of the petroleum refining industry in the North African country. The strategy also aims to boost the production capacities of petroleum and petrochemical products in an attempt to secure their availability locally as well as reduce imports. Some of the projects under implementation include Assiut National Oil Processing Co.’s diesel production complex, in addition to Suez Oil Processing Co.’s coking and diesel production complex expansions in Suez. Other projects comprise the condensate distillation project at the Nasr Petroleum Co. in Suez and the air distillation project at the Assiut oil refinery. The petroleum sector’s development and modernization strategy is keen to update the national plan for the petrochemical industry, unleash its capabilities and achieve the greatest return to the Egyptian economy. As a result, this is expected to maximize the country’s added value in terms of natural resources. Domestic production of petrochemical materials amounted to more than 3.4 million tons annually by the end of the fiscal year 2021/2022, reflecting a significant increase compared to about 2.1 million tons in 2015/2016. A few days ago, also in line with the modernization project, the ministry launched a new service that will make it easier for investors to spot opportunities in the country. The Upstream Gateway digital platform aims to market petroleum areas globally, according to a statement. It will also provide the geological data required by current and potential investors and promote bids in the North African country’s oil and gas exploration field. Launched in 2016, the modernization project aims to design and implement an integrated transformative program for Egypt’s oil and gas sector. Its primary goal is to develop a modern and efficient oil and gas sector by targeting governance and accountability, as well as supporting financial sustainability and fiscal balance.