Eng. Sameh Fahmy; Minister of Petroleum witnessed the inauguration of the Petrochemical project to produce propylene and polypropylene at Al-Gameel industrial area in Port Said Governorate.
Fahmy declared that the completion of the first phase of the Petrochemical Master Plan is under-way, comprising eight projects with total investments of about $6 billion, of which $3.5 billion as foreign direct investments.
The projects partners include, the Egyptian Petrochemicals Holding Company (ECHEM) and Gasco with a share of 26%, the Orientals Group with 26% as well as a group of Arab investors with 48%.
The estimated capacity of the project counts for nearly 350 thousand tons per year with an investment cost of $750 million.
Also, a contract has been signed with UHDA as project’s contractor to implement the entire project’s construction works, manufacturing equipments with the participation of Egyptian Petroleum Companies; ENPPI and Petrojet. Operations are to start by the end of 2009.