The production rate of Egypt’s petrochemicals industry exceeded 4 million tons in fiscal year (FY) 2020/21, the Egyptian Petrochemicals Holding Company (ECHEM)’s Chairman Saad Helal said.

The increase in production in 2020/21 led to an increase in revenues by 43% from the target and 50% from the last fiscal year.

This came during the general assembly chaired by Minister of Petroleum and Mineral Resources, Tarek El Molla, to review ECHEM’s Performance in 2020/21, the ministry said in a statement.

ECHEM increased the quantities of products in the petrochemicals industry during 2020/21, driven by the permanent support of the Ministry of Petroleum for this vital industry and its keenness to develop the petrochemicals system. This development comes both in terms of economic performance and ensuring the sustainability of the business through the continuous emphasis on adherence to all standards of occupational safety and health. Due to their diligence, companies in the petrochemicals industry have managed to achieve 21 million safe working hours during the year, Helal explained.

The company implemented a number of new projects, such as the production of medium-density wood panels, which has investments of EUR 217 million. Additionally, the Suez methanol derivatives project has investments of $119 million, the Egyptian project for the production of bioethanol has investments of $112 million, and the Red Sea refining and petrochemicals complex project has investments of $7.5 billion to add 3.7 million tons of products made from petroleum and petrochemicals per year, Helal noted.

El Molla stressed that the results achieved by the Egyptian petrochemicals industry, which is currently growing, proved that the work of developing and supporting all aspects of the industry is on the right track.