A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson
CAIRO - 6 February 2022: Fitch Solutions asserted that the projects carried out in the Egyptian petrochemicals sector would enhance Cairo's resolve to be a regional hub for oil and gas trade in view of its strategic location, the Cabinet Information and Decision Support Center (IDSC) said as part of its review of the international foundations' reports about Egypt.
In its report, Fitch said the production of Egypt's petrochemicals sector reached 3.34 million tons during the FY 2020/2021, noting that this sector has achieved a growth in revenues by 50 percent on yearly basis according to the latest data of the Egyptian Petroleum and Mineral Wealth Ministry.
Fitch said the new projects carried out by Egypt in the petrochemicals include methanol derivatives complex project in Suez with investments worth $119 million, the Red Sea methanol complex in Al Ain Al Sokhna with $7.5 billion investments, Al Alamain complex for petrochemicals which worth $8 billion and its production capacity is exceeding 4.7 million tons annually.
The report also noted that the petrochemical sector recorded an average growth rate of 11 percent during the period from 2015 to 2020 with the exports value upped from $ 3.1 billion to reach $ 5.2 billion in 2019, adding that the sector recorded a recession of 11 percent during 2020 due to the coronavirus pandemic.
The Credit Rating agency noted that the Egyptian economy is likely to achieve a sustainable growth with the change of policies from imports to exports.