Egypt’s Industrial Development Authority is examining proposals from several investors worth EGP 48 billion for developing downstream oil and gas projects including refineries and petrochemicals production.

Mr Ismail El-Nagdy head of IDA said that Qatari, Libyan and Algerian companies propose to set up new projects around the Suez Canal, one of the world’s busiest transportation routes. Most of these projects involve oil refining and the setting up of large petrochemicals complexes.

Mr El Nagdy said that about 40 million barrels of oil are shipped each day through the Suez Canal from producers in the Arabian Gulf and Iran. The new projects will take advantage of this massive flow.

He said that two of these projects have already been approved and the companies will set up their facilities on 40,000 square meters of land after Egypt’s presidential election.

Source – Zawya & SteelGURU