Hany Soliman, President and chairman of the board of the Egyptian Petrochemicals Holding Company (Echem), announced that preparation are taking place for the inauguration of methanol production complex in Damietta, with investments reaching up to $950 million.

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

Soliman also stressed on the importance of building a polypropylene plant in Port Said, which would help to increase exports as well as to provide the opportunity of founding several small and middling industries with a polypropylene manufacture capacity up to 400 thousand tons per year.

The total investments of two projects are estimated at $1.7 billion.