Minister of Petroleum and Mineral Resources Tarek El Molla has inspected the progress and developments of work at the Methanex plant in Damietta.

During the visit, the minister reviewed the facilities and production units designed with the latest technology and production processes that are carried out with the highest safety specifications and global sustainability practices.

El Molla stated that the Ministry is fully supporting the partnership between the petroleum sector and Methanex International to achieve its production goals and increase the quantities of methanol needed by many industries.

The ministry is further supporting the company’s efforts to take concrete steps to achieve the goal of reducing greenhouse gas intensity by 10% by 2030 and exploring multiple paths to reduce carbon intensity in methanol plants.

Mohamed Shindy, Managing Director of Methanex Egypt, highlighted that the project stands as the largest Canadian joint venture, with Methanex holding a 50% stake. Notable partners from the Egyptian government include the Egyptian Petrochemicals Holding Company (ECHEM) with a 12% share, the Egyptian Natural Gas Holding Company (EGAS) at 12%, the Egyptian Natural Gas Company (GASCO) at 9%, and the Arab Petroleum Investments Corporation (APICORP) with a 17% interest. The plant boasts an annual production capacity of 1.3 million tons of methanol, serving both local and European markets. Methanol stands as a critical feedstock for numerous industries, underpinning their operations.