The Egyptian Minister of Petroleum Tarek El Molla has discussed Toyota’s feasibility study for establishing a refining and petrochemical complex in Suez with company officials.
The minister met with a company delegation that included Senior Managing Executive Officer and Chief Division Officer of Machinery, Energy & Project Division, Toshiro Hidaka, to review the study.
The meeting attendees agreed to hold another meeting to study in detail the economic indicators, investments and raw materials needed for such a project.
During the meeting El Molla announced that there would be more investment opportunities in the coming period in the field of refining and petrochemicals.
The minister said that recent economic, legislative and political reforms would encourage new projects in these activities, helping to increase the supply of these products to cover the local market’s needs and reduce imports. The projects would also provide surplus for exports, an important way of increasing revenues in the country and creating new jobs.