Cairo – Mubasher: The Egyptian Petrochemicals Holding Company (ECHEM) revealed its plan for fiscal year 2020/2021 which focused on new projects under development or consideration.

These projects include refining and petrochemicals complexes in Suez and Alamein as well as a polyacetal plant currently under consideration to be established in Damietta Port, which would be the first of its kind in Egypt and Africa, the company’s chairman Saad Helal said in a statement on Wednesday. 

The company also considers establishing bioethanol and melamine plants in Damietta, Helal added.

Moreover, ECHEM signed agreements with major US and UK companies as well as US financial institutions to cooperate in establishing the new projects, he pointed out.

ECHEM signed a cooperation agreement with the US Bechtel Corporation to build a refinery and petrochemicals complex in the Suez Canal Economic Zone with estimated investments of $6.7 billion.

The Egyptian company also agreed to cooperate with an alliance comprised of BSW Group and Shard Capital to develop a refinery and petrochemical complex in New Alamein with an estimated investment cost of $8.5 billion.

ECHEM is also about to carry out a detailed feasibility study for the polyacetal plant to be financed by the United States Agency for International Development (USAID). According to an initial feasibility study, the investment cost of the project is estimated at $400 million.

The project is planned to produce 50,000 tonnes of polyacetal annually.

There are currently five projects under development, namely an MDF plant in Beheira, methanol derivatives plant in Suez, polybutadiene project at ETHYDCO complex in Alexandria, polypropylene plant at SIDPIC’s complex in Alexandria, and a platform, loading facilities, and storage facilities at Mopco’s complex in Damietta.