Egyptian Minister of Petroleum, Tarek El Molla, chaired a general assembly meeting to review the performance of the Egyptian Petrochemicals Company (EPC) during fiscal year (FY) 2020/21, the ministry said in a statement.

The implementation of replacement, renewal and development programs came at the top of the company’s priorities through cooperating with petroleum companies specialized in project implementation and maintenance, EPC’s Chairman, Mohamed Abdel Aziz, noted.

EPC was assigned the project of adding a new reactor to Petromaint to implement the works efficiently, rationalize expenses and reduce energy use rates, Abdel Aziz said.

It also began the implementation of the first phase of the project to raise the production capacity of the PVC product from 80,000 tons annually to 100,000 tons. Meanwhile, studies are being conducted for the second phase to double its production capacity from 100,000 tons to 200,000 tons annually at an investment cost of $350 million, he added.

During the meeting, El Molla pointed out the importance of efforts to continue raising the efficiency of projects to increase energy and improve productivity in light of updating the national plan for the petrochemical industry to benefit from the added value and to produce petrochemical products that are used in many industries to cover the needs of the local market and export. He also stressed the importance of safety measures and environmental preservation.