Prime Minister, Mostafa Madbouly, has laid the foundation stone of the first petrochemical industrial complex at the Suez Canal economic zone (SCZONE) in Ain El-Sokhna. The project, which will cost $7.5 billion, is a part of the Egyptian plan to meet the domestic market needs of petroleum and chemical products, according to a press release .

This was during Madbouly’s visits to the SCZONE to follow up on the latest developments of different projects in the area. He was accompanied by Minister of Petroleum and Mineral Resources, Tarek El Molla, Minister of Transportation, Kamel El Wazir, Port Said Governor, Adel Al Ghadban, Suez Governor, Abdel Majid Saqr, Ismailia Governor, Sherif Fahmy Bishara, Head of General Authority of SCZONE, Yehia Zaki, and other senior officials.

El Molla elaborated that the complex will be established on a space of 3.56-million-meter square within the geographical area of the Main Development Company for Suez Canal. He added that it will provide about 15,000 job opportunities and help to find export opportunities.

The petroleum minister also elaborated that this project is the first of its kind in Africa and the Middle East and will enable Egypt to get a leading position in this field.

Meanwhile, Madbouly praised the project while emphasizing the significance of SCZONE and its projects. The complex will produce at a capacity of 1 million tons annually and is expected to start operation during H1 2024.