Egypt is executing two major oil refining projects in Upper Egypt, with total investments of $2.3 billion (39.47 billion), Petroleum Minister Tarek el-Molla said on Tuesday.

The two projects which are situated in Assiut, will contribute to Egypt’s endeavours to achieve self-sufficiency in different petroleum products, the minister added.

Egyptian firms ENPPI Petroleum and Petrojet will execute the projects in collaboration with global companies, Al Molla revealed.