Six new Egyptian petrochemical projects currently under development represent “powerful additions” to Egypt’s petrochemical industry, oil minister Tarek El Molla has said, Egypt Oil & Gas reports.

The six projects, collectively costing around $2 billion to construct, include the Suez methanol derivatives project, Ethidco’s $98-million 150-MW electricity plant, and MOPCO’s storage facilities project, head of ECHEM, Saad Helal, said.

El Molla’s comments came during the general assembly held to review the work of Egyptian Petrochemical Holding Company (ECHEM) during fiscal year (FY) 2017/18.

Helal also reported to the minister that ECHEM recorded a 33% increase in its profits during FY 2017/18.