The Egyptian Ministry of Petroleum plans to allocate $1.5 billion over four years to expand the petrochemical industry through four new petrochemical projects, said Tarek El Molla, Minister of Petroleum, Egypt Oil & Gas reports.

The minister’s comments came while he chaired the general assembly to review the Egyptian Ethylene and Derivatives Company (Ethydco)’s 2018 results.

El Molla urged the completion of new expansions and projects as the new Mediterranean natural gas projects have a great economic return and provide the optimum benefit of natural gas.

As part of the ministry’s strategy to develop the petrochemical industry, the ministry is boosting its production capacity to strengthening local industries and maximize petroleum products’ value, El Molla noted.