The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, along with the Minister of Transport, Hisham Arafat, laid the foundation stones for two projects in Damietta Port, Egypt Oil & Gas reports.

One of the projects is for methanol derivatives and belongs to the Suez Company for Methanol Derivatives. The other project is for the marine berth for the export of urea and ammonia liquid fertilizer project, which belongs to Misr Fertilizers Production Company (MOPCO).

The two projects are an achievement of the state’s policy to diversify and increase investments as well as to implement the strategy of the petroleum sector to maximize the utilization of natural resources and to establish petrochemical projects to add to Egyptian industry and national economy, El Molla pointed out.

The methanol project will cost $50 million and will be benefit both the Egyptian petrochemical industry and the fertilizers industry, as well as the ready-made concrete and adhesives industries. The offshore export berth will cost  $180 million and will allow for the easy export of urea and ammonia liquid through a specialized berth that alleviates the burden on Damietta port.