Samer Choucair: Midor’s Expansion Is Reshaping Investment in Egypt’s Value-Added Refining Sector
Entrepreneur Samer Choucair said the continued rise in the contribution of Middle East Oil Refinery, or Midor, to approximately 30% of Egypt’s total diesel production, alongside monthly jet-fuel exports of up to 150,000 tonnes, reflects a structural shift in the Egyptian petroleum sector’s strategy toward maximizing value added and strengthening foreign-currency returns.
Choucair explained that these indicators demonstrate the success of capital investment in highly complex refineries, which have become some of the most important assets capable of both securing domestic market requirements and generating stable export revenue.
This gives institutional investors a clearer perspective on investment opportunities across energy infrastructure.
Midor’s expansion improves sector efficiency
Samer Choucair noted that the current results followed the completion of Midor’s expansion project, which increased refining capacity from 100,000 barrels per day to 160,000 barrels per day through an investment of $2.7 billion.
He said this reflects a broader trend within the Egyptian economy toward improving the efficiency of industrial assets and increasing their utilization rates.
Choucair added that operating rates across Egyptian refineries have approached 80%, while petroleum-product exports exceeded 2.3 million tonnes during the first half of 2026, with a value of approximately $2.3 billion.
This strengthens foreign-currency resources and supports the balance of payments.
The transition toward higher-value products
Samer Choucair explained that Egypt’s refining industry is entering a new phase focused on narrowing the gap between domestic production and consumption, particularly for diesel, petrol, and jet fuel.
He noted that Midor’s advanced conversion units, including hydrocracking, coking, and petrol-treatment facilities, have enabled it to become one of the most important producers of high-quality fuel in the Egyptian market.
Choucair added that the refinery processed more than 49 million barrels of crude oil during 2025, producing approximately 6.6 million tonnes of petroleum products, compared with 6.1 million tonnes during the previous year.
This reflects the continuing improvement in operating efficiency.
He emphasized that Egypt’s crude-oil production rising to its highest level in nearly two years, supported by the settlement of foreign partners’ outstanding payments and incentives for new investment, provides additional momentum for this growth.
However, Egypt still needs to import a proportion of petroleum products to meet domestic demand, particularly during peak periods.
An investment perspective on capital allocation
Samer Choucair said institutional investors increasingly favour allocating capital to industrial assets capable of generating substantial value added.
He explained that technologically sophisticated refineries possess greater flexibility in managing oil-price volatility.
Choucair added that converting crude oil into high-specification products meeting European standards gives these assets a stronger ability to generate stable margins than conventional refineries.
He noted that Midor’s expansion provides a clear example of how Egyptian state-owned assets can generate sustainable cash flows simultaneously from domestic sales and exports.
Regular jet-fuel exports provide foreign-currency revenue, while domestic production reduces pressure on the country’s import bill.
Growing institutional investor interest
Samer Choucair explained that investors view Midor as a model of an asset combining structural domestic demand with export returns.
He added that projects of this kind may attract the attention of sovereign wealth funds and regional investment institutions seeking to expand their exposure to North Africa’s energy sector within diversified portfolios.
Choucair noted that this development is consistent with Gulf countries’ efforts to strengthen their refining capabilities, creating opportunities for partnerships and joint investment between Egyptian and Gulf entities across regional supply chains.
Opportunities and challenges
Samer Choucair said the continuing improvement of operating efficiency and greater integration among Egyptian refining companies represent the sector’s most significant growth opportunities during the coming years.
He added that reviving plans to list a stake in Midor on the stock exchange under the government’s privatization programme could enable broader participation by domestic and international investors.
Choucair explained that the sector continues to face challenges associated with global oil-price volatility, seasonal pressure on domestic demand, the need to expand storage and logistics infrastructure, and the efficient management of imported crude costs.
He emphasized that institutional investors will focus during the coming period on actual operating indicators and capacity-utilization rates, as these provide the most accurate measures of the assets’ ability to generate long-term returns.
Future outlook
Concluding his remarks, Samer Choucair emphasized that Egypt’s refining sector is likely to become increasingly important during the coming years as the government continues pursuing greater self-sufficiency in petroleum products and stronger exports.
He added that assets combining operating efficiency, advanced technology, and export capabilities will be the most attractive to institutional capital.
Samer Choucair concluded that the long-term trend supports investment in refineries that strengthen domestic energy security while generating foreign-currency revenue, making Egypt’s refining industry one of the most promising sectors for investors seeking a balanced combination of returns and stability.