Cairo – Mubasher: Egyptian Petrochemicals Holding Company (ECHEM) has posted an 85% hike in revenue during fiscal year (FY) 2021/2022 to exceed EGP 3.30 billion, according to an official statement.
Saad Helal, President and Chairman of ECHEM, noted that the local production of petrochemicals surpassed 4.30 million tonnes annually in FY21/22, doubling from nearly 2.10 million tonnes in FY15/16.
Helal also unveiled plans to develop a metallic silicon complex in the industrial zone of New Alamein city at an investment cost of $700 million.
The remarks came during the general assembly meeting of ECHEM, which was held to approve the company's financial results for FY21/22. The meeting was chaired by Tarek El-Molla, Egypt’s Minister of Petroleum and Mineral Resources.
Last year, ECHEM announced different petrochemical projects in line with the national plan for petrochemicals for 2020-2035. The projects are the soda ash project with a $420 million investment as well as the metal silicon project and titanium dioxide project with investments of $300 million.