Saad Helal, the Chairman of Egyptian Petrochemicals Holding Company (ECHEM), stated that his company is rapidly working on implementing a number of seven new projects to the national plan for the period of 2020-2035, according to a press release.
He said that these projects include one by Wood Technology Company for producing medium-density fibreboard (MDF) wood which is being installed and implemented by Petrojet, a methanol derivative production project which produce a capacity of 140 tons per year and is worth $117 million, and a project by the Egyptian Ethylene and Derivatives Company (Ethydco) for producing rubber polybutadiene at a capacity of 36,000 tons per year with costs $183 million.
Helal added that the company is finalizing the procedures for Al Alamein project which costs $7.5 billion, in addition to a complex for medium and small industries relying on the production of Al Alamein complex. He explained that they are preparing a detailed feasibility study for Suez refining and petrochemical project which is worth $7 billion, clarifying that these two projects are targeting to produce diverse petrochemical and petroleum products to meet the local market needs and export the surplus.
The chairman mentioned that the company is intensifying the efforts to economically improve the petrochemical complex in Al Nahda at Alexandria which will raise the productivity of the petroleum companies there.
Helal noted that ECHEM and its subsidiaries produced about four million tons of petrochemical products during the fiscal year (FY) of 2019/20 despite the challenges they faced, pointing that the company is keen on providing the needed funds to implement the national plan projects.
This came during the general assembly meeting of the company which was headed by the Minister of Petroleum and Mineral Resources, Tarek El Molla to approve the operational results of FY 2019/20.
For his part, El Molla stressed on developing and updating the national plan for petrochemical projects to cope up with the sector’s developments giving directives towards implementing such projects rapidly to increase production.