Fitch Solutions announced that Egypt’s petrochemical production has reached 3.34 million tons during the fiscal year (FY) 2020/21, achieving 50% growth in its revenues on an annual basis, the Information and Decision Support Center (IDSC) reported.

The report mentioned that the petrochemical sector’s new projects implemented in Egypt include the methanol derivatives project in Suez worth $119 million, the bioethanol project worth $112 million, the Red Sea petrochemical complex with investments of $7.5 billion which aims to add 3.7 million tons of petrochemicals annually, and the Al Alamein complex with investments $8 billion at a capacity of 4.7 million tons per year.

Fitch Solutions said that these projects will help Egypt achieve its aim to become a regional hub for trading oil and gas, especially in light of its strategic location. The agency affirmed that the Egyptian exports had grown on average 11% annually during the period between 2015 to 2020, which recorded $3.1 billion in 2015 and $5.2 billion in 2019.

The report added that the Egyptian economy is expected to achieve sustainable growth, potentially transforming from an importer to an exporter. It pointed to the fact that local products have become more competitive against imports.