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Petroleum Ministry debuts 11 petrochemical projects worth $19bn - Daily News Egypt

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Petroleum Ministry debuts 11 petrochemical projects worth $19bn

Updates on petrochemical industry’s national plan and setting of new development strategy have been completed


The Ministry of Petroleum and Mineral Resources is currently studying and implementing 11 new petrochemicals production projects, worth a total investment cost estimated at about $19bn.

In statements by Minister of Petroleum and Mineral Resources, Tarek El Molla, he added that these include two giant refining and petrochemical complexes are located in the Suez Canal Economic Zone and New Alamein City.

He noted that updates to the petrochemical industry’s national plan have been completed, alongside the setting of its new development strategy during the period between 2020 and 2035.

El Molla emphasised the ministry has created an ambitious programme to expand Egypt’s petrochemical industries with a special focus on projects that achieve the highest added value from natural resources.

He pointed out that sites put aside for the new projects were chosen based on accurate studies, accessibility of all available ingredients and proximity to nutrition sources. Project and logistical facilities were also taken into account when deciding on the sites.

“These facilitate the movement of freight, handling and export of products in a manner that reduces costs and maximises economic value of these projects,” the minister said.

El Molla noted that the ministry’s strategy is looking for a continued increase in the added value of petrochemical projects in Egypt. They are also looking to supply the local market needs of intermediate and final petrochemical products, which are major production inputs for many industries. This is in addition to the ministry looking to cut the amount of imported goods, whilst opening up new opportunities for exports from Egypt.

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https://thedailynewsegypt.com/2020/05/25/petroleum-ministry-debuts-11-petrochemical-projects-worth-19bn/
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