Abu Qir Fertilizers and Chemicals Company is considering establishing a new methanol production facility, Egypt Oil & Gas reports.

Ali Abdul Muttalib Daoud, Abu Qir’s head of financial sectors and communications officer, reported in a bourse filing that the company is currently in the early stages of preparing feasibility studies and marketing plans.

Hany Soliman, president and chairman of the board of the Egyptian Petrochemicals Holding Company (ECHEM), announced in March 2018 that preparations are underway for the inauguration of the $950-million methanol production complex in Damietta.

The complex, scheduled to start operations this year, is characterized by a production capacity of 1.3 million tons annually.