The expansion project of Sidi Kerir “Sidpec” in Alexandria, to produce propylene and its derivatives, will be implemented over two phases, announced Saad Hilal, Egyptian Petrochemical Holding Company’s (ECHEM) Director, Egypt Oil & Gas reports.

The expansion project is worth over $1.7 billion in investments, he noted.

This came during the company’s general assembly, chaired by Minister of Petroleum and Mineral Resources, Tarek El Molla, to ratify the new fiscal year budget for 2018/2019.

ECHEM is planning to implement new projects such as producing methanol derivatives to produce formaldehyde in Damietta with investments up to $50 million, Hilal added. Besides, the company is doing provisional studies for two refining complexes and petrochemicals in Suez and Alameen.

ECHEM’s strategy is not limited to petrochemicals production. It additionally looks at “various products that meet the local market needs, and thus creating projects that maximize the added value of investments,” according to Hilal.