Minister of Petroleum and Mineral Resources Tarek El Molla confirmed that the ministry’s strategy in the petrochemical industry is based on expanding the added value of natural gas through establishing many petrochemical industries that will cover the needs of the local market, reported Egypt Oil & Gas.
The statement was made during the minister’s inspection tour at MOPCO complex for fertilizers production in Damietta accompanying Dr. Ismail Abdel Hamid, Damietta governor, Engineer Mohamed Safan, Head of Egyptian Petrochemicals Holding Company (ECHEM), Engineer Mohamed Shemy, head of Petrojet, and Admiral Ayman Saleh, Chairman of the general authority of Damietta port.
El Molla pointed out that the Fertilizer industry is a key petrochemical industry in Egypt, due to its importance to farmers and crops.
The tour also included inspection of the two new plants 1 and 2, in addition to following up the operation stages for the third plant which was established by Petrojet.
For his part, Engineer Hassan Abdel Aleem, Head of MOPCO said that the two new projects are worth $1.9b investments, and are planned to contribute towards increasing the complex production power to 2m tons of fertilizers, and 120,000 tons of ammonia annually.
The Damietta Governor concluded that the new projects in MOPCO complex are considered an addition to the national economy and to Damietta; noting the plants’ role in employing a significant number of youth, thus contributing to social development.