The Egyptian Petrochemicals Holding Company (ECHEM) is constructing a $3 billion petrochemical and refining complex in the Suez Canal Economic Zone, Egypt Oil & Gas reports.

The complex is a cooperative project with the Egyptian General Petroleum Corporation (EGPC) and Japan’s Toyota Tsusho. The feasibility study will be completed by the end of the first quarter of 2018, according to the Head of ECHEM, Mohamed Saafan.

Production from the new facility is projected to begin in 2021. It will produce approximately 3.5 million tons  of petroleum products and 1 million tons of petrochemicals, like poly-propylene and ethylene derivatives, per year. The country plans to provide the complex with 5 million tons of crude mazut per year, mostly coming from the refineries in the Suez region.

Output from the petrochemical complex will be used to cover local market demands and the surplus will be exported.

The Minister of Petroleum and Natural Resources, Tarek El Molla, announced earlier this month that Egypt will invest $6.8 billion in an integrated production complex for petrochemicals.