Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that Egypt has completely developed a national petrochemicals plan until 2040 that will have a positive impact in maximizing the added value of natural resources, a ministry statement reported.
The minister highlighted that the Egyptian petrochemicals industry will witness a leap in light of the new projects that are currently being executed with investments estimated at $8 billion.
Egyptian Petrochemicals Holding Company (ECHEM) production of petrochemicals, through its subsidiaries, exceeded 4 million tons during FY2020/2021, which concluded in June, the company’s head, Saad Hilal, said.
The company marketed 390,000 tons of products, which is 13% higher than the marketed products in FY 2019/2020, Hilal noted.
Hilal further explained the developments in the Red Sea National Company for Refining and Petrochemicals project, which aims at producing 2.8 million tons of petrochemical products and 930,000 tons of petroleum products per year.
He highlighted the signing of a Project Management Contract (PMC) at the end of June, as well as the Engineering for Petroleum and Process Industries (ENPPI), the Petroleum Projects & Technical Consultations Company (PETROJET), and Bechtel alliance.