The Chairman of Egyptian Petrochemicals Holding Company (ECHEM), Saad Helaly, said that his company is putting the implementation of new projects as the number one priority in fiscal year (FY) 2020/2021, which comes in line with the ministry’s plan to expand the petrochemical industry under the Modernization Project, according to a press release.
The new projects include a petrochemical and refining complex in Suez and Al-Alamein, in addition to a polyacetal production project in Damietta, which is considered the first of its kind in Egypt and Africa.
Helaly mentioned that the company has signed an agreement with Bechtel for the refinery petrochemical complex project in Suez with a cost of $6.7 billion, in addition to an agreement with Shared Capital Cooperative and BSW companies to contribute in the establishment of refinery petrochemical complex project in Alamein with a cost of $8.5 billion.
Additionally, the Chairman said that ECHEM will do a detailed feasibility study of the Polyacetal production project in cooperation with the United States Tarde and Development Agency (USTDA), with an estimated cost of $400 million and production of 50,000 tons of polyacetal.
Helaly noted that there are other five projects currently in the implementation phase; which include the production of medium-density wood panels from rice straw in Beheira, production of methanol derivatives in Suez and Poly Butadiene in the Egyptian Ethylene and Derivatives Company (Ethydco) complex in Alexandria, production of propylene and its derivatives in the expansion of Sidi Kerir Petrochemicals Company (SIDPEC) complex in Alexandria, and shipping and storage facilities for Misr Fertilizer Production Company (MOPCO) complex in Damietta.
For his part, El Molla said that petrochemicals industry is an attractive industry for the international investments and it contributes in enhancing Egypt’s position in the global scene.
El Molla stressed on the importance of following the best international practices and latest technology in the old projects as well as the new ones. He also urged the implementing of digitalization projects in the petrochemical sector especially the first integrated system of enterprise resources planning (ERP) to manage the assets and resources.
This was announced during the general assembly meeting of ECHEM, headed by the Minister of Petroleum and Mineral Resources, Tarek El Molla, to approve the planned Budget for FY 2020/21 and attended by senior official leaders in the petroleum sector.