The CEO of Ethydco Company, Abdel Mageed Heagazy, said that his company is planning to establish the first project in Egypt to produce polybutadiene with investment costs $180 million, according to a press release.
He elaborated that the implementation operation had been awarded to the consortium between Petrojet company and Saipem company. He noted that this project will take two years to complete and its capacity will be 26,000 ton.
Hegazy’s statements came during the general assembly meeting of the company, which was headed by the Minister of Petroleum and Mineral Resources, Tarek El Molla and was attended by senior officials from the petroleum sector.
Heagzy pointed out that the company has achieved excellent export rates between 2017 and 2019 with exports worth $929 million, which represents 9.6% of the total Egyptian petroleum exports,
The CEO said that the company fulfilled the production plan for the year of 2019 through producing 367,000 ton of ethylene, 363,000 ton of polyethylene. He elaborated that Ehtdyco achieved total sales of $1.3 billion since its operation in 2017 which indicates the strong marketing performance achieved throughout this period.
From his side, El Molla stressed on the importance of the continuity of the Egyptian petrochemicals industry’s vital role in achieving sustainable economic development and increasing the production as well as the added-value. He stressed on the importance of the employees’ safety and taking the precautionary measurements against COVID 19. In addition, El Molla emphasized on the commitment in implementing the new projects and expansions according to their timelines despite the current huge challenges.