Fitch stated, according to the Cabinet's Media Center, that
these developments include the ongoing expansion of the Assiut refinery, which
is expected to be completed by the end of 2025. The statement added that this
comes after the completion of the Midor refinery expansion in late 2023 and the
inauguration of the Mostorod refinery in 2020. These projects will support
efforts to reduce the trade deficit.
The credit rating agency's report indicated that these
projects will boost domestic production of petroleum products. The report also
noted that they will ease the burden of importing gasoline and diesel.