Minister of Petroleum and Mineral Resources Karim Badawi has met with representatives from Shard Capital to study the company’s proposal for establishing a new petrochemical project in New Alamein with an investment cost of $7 billion.

This project is one of the most important projects promoted by the Egyptian Petrochemical Holding Company (ECHEM) within the framework of a national strategy to increase petrochemical production.

Badawi affirmed the support provided by the Ministry of Petroleum and Mineral Resources (MoPMR) to the projects to maximize the added value of the state’s oil and gas resources. He highlighted the ongoing efforts to encourage investments in oil and gas to maximize the benefit of the infrastructure and support increasing the production of petrochemicals.

Additionally, the minister stressed the necessity of integration in implementing added value projects with the infrastructure and facilities owned by the petroleum sector. He also emphasized the need to study how to benefit from these facilities to provide the needed materials and inputs for the project, in addition to specifying part of the production to the outside markets.

It is noteworthy that the Ministry of Petroleum and Mineral Resources’ plan to invest in value-added projects, being implemented by ECHEM in the New Alamein area, includes the Alamein Petrochemical Complex currently under promotion, as well as the soda ash and silicon derivatives production complexes in the implementation stages.