Mohammed Saafan, Chairman of the Egyptian Petrochemicals Holding Company (ECHEM), told Egypt Oil & Gas that the coming period will witness an increasing reliance on petrochemical projects to provide products for local markets and reduce the nation’s import bill.
He stressed that fundamentally solving Egypt’s energy crisis would come through diversifying its energy sources, including options such as coal and solar energy.
Egypt passed through a significant fuel crisis last month, with fuel reserves failing to support local market needs, especially in Upper Egypt. The incident made enhancement of the strategic fuel reserves a priority for the government. Additionally, as Egypt continues to struggle with significant fluctuations in its foreign currency reserves, securing payment for imports of petroleum products is increasingly becoming a challenge.