Egypt’s decision to build a coking and diesel production plant at the Suez Refinery more than two years ago allowed the country to escape a surge in the cost of such facilities worldwide, the country’s Oil Minister was reported on Thursday as saying.

Tarek El-Molla said the project, which was launched in 2021 at a cost of around $1.77 billion, would contribute to increasing the country’s national income along with other oil and gas projects.

The Arabic language daily Addustour said El-Molla made the comments after approving the 2024-2025 budgets for Suez Oil Company and other firms owned by the Ministry.

“The timing of the decision also enabled Egypt to avert the sharp increase in construction costs due to the steady rise in the cost of such projects worldwide,” El-Molla said.