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Egypt plans EGP 19bn investments in petrochemical projects

Egypt plans EGP 19bn investments in petrochemical projects
Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla

Cairo - Mubasher: The Egyptian Ministry of Petroleum and Mineral Resources is considering the implementation of 11 new petrochemical projects at a total value of around EGP 19 billion, Minister of Petroleum and Mineral Resources Tarek El-Mulla said on Monday.

El-Mulla remarked that a new 2020-2035 strategy was set to develop the petrochemical industry in Egypt, and will go into effect in the coming period after being reviewed.

The minister stated that the strategy aims to raise the added value of petrochemical activities in the country, meet the local demand for intermediate and final petrochemical products, and improve the national trade balance.

At the same time, the petrochemical projects, aiming to increase local production, include the a refining and petrochemicals complex in the Suez Canal Economic Zone with investments of $7.5 billion and a production capacity of 202 million tonnes annually.

To set up the project, agreements were signed with the US-based Bechtel Group, EXIM Bank and the US International Development Finance Corporation (DFC).

The other petrochemical projects include the $8.5bn petrochemical complex project in New Alamein with a production of million tonnes per year of petrochemicals and 850,000 tonnes of petroleum products.

Meanwhile, the ministry is studying the construction of two new projects in Damietta, including the $400 million polyacetal project with a production of 50,000 tonnes per year.