Egypt has launched projects with a total value of nearly 707 billion Egyptian pounds ($23 billion) to expand refining capacity as part of overall development plans in its hydrocarbon sector, a newspaper said on Monday.

The Assiut Oil Refining Company, under the Ministry of petroleum and Mineral Resources, is carryout out the projects at its installations across the country, the Arabic language daily Addustour said, citing a Ministry report.

The projects, which were approved for the 2023-2024 fiscal year, comprise a new distillation unit with an output capacity of 5 million tonnes per year, a gas recovery unit, and the expansion of existing refining production facilities, it said.

The projects also include the construction of storage facilities for jet fuel with a capacity of 20,000 litres each and for recovered oils and caustic soda, it added.