The Egyptian oil and gas sector is aiming to boost petrochemical production and petroleum products to 40 million tons during fiscal year (FY) 2017/2018, sources at the Egyptian Petrochemicals Holding Company (ECHEM) told Amwal Al Ghad.

Petrochemical and derivatives production recorded 35.5 million tons during FY 2016/2017, and 31.2 million tons during FY 2015/2016.

Petrochemical projects aim to help Egypt make the optimum benefit of its oil and natural resources in light with the recent gas discoveries that are being developed and added to production map.

The petroleum sector is working on two parallel paths to develop the petrochemical industry. The first path supports and develops existing projects to increase their competitive capacities, while the second path is establishing new petrochemical projects in the upcoming period in light with the country’s investment opportunities.