The Egyptian Ministry of Petroleum and Mineral Resources announced that it is taking measures to execute four new petrochemicals projects worth over EGP 1b in order to increase added value to crude products instead of exporting it and in order to achieve compatibility between Egyptian projects, reported Al Ahram Newspaper.
Minister of Petroleum, Tarek El Molla, pointed out, in a press release to Egypt Oil&Gas, that it is important for new budgets of oil firms to take into consideration new global market circumstances as well the changes in the Egyptian economy which will affect the oil and gas industry.
These came during the general assembly of the Egyptian Petrochemicals Holding Company (ECHEM) which was attended by the minister to review the company’s budget for fiscal year 2017/2018.
Echem’s CEO, Mohamed Safaan, explained that the company’s budget plan includes a project to produce propylene and its derivatives in Alexandria. The project will be executed by Sidi Kerir Petrochemicals (Sidpec) with total investments $1b. The plan also includes projects to produce formaldehyde and derivatives with investments around $40m to be used in agricultural projects. The company will further produce ammonia and derivatives with investments around $175m.