Egypt's exports of petrochemical industries rise to $6.7B in 2021



Tue, 08 Feb 2022 - 02:37 GMT


Tue, 08 Feb 2022 - 02:37 GMT

Petrochemicals factories - Reuters

Petrochemicals factories - Reuters

CAIRO - 8 February 2022:  Exports of the petrochemicals, chemicals and fertilizers industries rose 45 percent during 2021 to about $6.7 billion, on an annual basis, Minister of Petroleum and Mineral Resources, Tarek El-Molla, said Tuesday.

Molla clarified in a statement that these industries benefited strongly from the availability of natural gas, which is  the main input to these industries.

This came during Molla’s presidency of the General Assembly to approve the planning budget of the Egyptian Petrochemical Holding Company for the fiscal year 2022/2023.

The minister called on the private sector to increase its participation in the investment opportunities provided by the petrochemical industry and the added value it achieves.

He stressed that the ministry gives full support to the petrochemical industry, whose ambitions and investments are increasing year after year, and is witnessing a development in plan and performance, in light of the modernization of the petrochemical industry strategy until 2030, and the support received by its projects from the Supreme Committee for Petroleum Projects, which gives it priority in implementation and follow-up as a value-added industry, according to the statement.

Molla pointed out that the petrochemical industry strategy has been updated to match the developments in Egypt, as well as developments in global markets.

He reiterated the importance of the investment opportunities offered by the petrochemical industry with strong projects through which the state opens greater horizons for the private sector to seize opportunities and form partnerships that benefit from the large local market, Egypt's African and regional backer, and the increasing demand for petrochemical industry products.

The minister pointed out that Egypt has implemented a number of value-added projects, including the Red Sea Petrochemical Complex in the Suez Canal Economic Zone, El Alamein Complex, the project for the production of wood panels, the project of the "Silicon Valley" complex, and other important projects that the local market and export need, whose implementation is being accelerated to enter on the production map at the specified times.




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