The Egyptian Petrochemicals Holding Company (ECHEM) increased its revenues in fiscal year (FY) 2016/2017 to EGP 1.141 billion, a 56.6% increase from FY 2015/2016, Egypt Oil & Gas reports.

During the past fiscal year, ECHEM enlarged its Misr Oil Processing & Fertilizers Company (MOPCO) Complex and opened its new ETHYDCO Complex in Alexandria.

The company invested $160 million in the construction of a marine platform, loading facilities, and storage facilities at the Damietta Port. The new facilities are expected to be operational in the third quarter of 2020, facilitating MOPCO’s exports of urea and ammonia.

The company is currently taking steps to build a petrochemical complex along the Gulf of Suez in partnership with the Egyptian General Petroleum Corporation (EGPC) and a propylene-derivatives producing plant at the Sidi Kerir Petrochemicals (Sidpec) facility in Alexandria.

The results were announced during ECHEM’s annual general assembly. During the meeting, the Egyptian Minister of Petroleum and Mineral Resource, Tarek El Molla, reviewed the company’s operations during FY 2016/2017.