FILE - Minister of Petroleum Tarek el-Molla
CAIRO – 19 September 2018: Six new projects in the petrochemical sector have been put into operation with investments of $2 billion, Minister of Petroleum Tarek el-Molla said.
This came during the General Assembly of the Egyptian Holding Company for Petrochemicals headed by Molla to approve the results of fiscal year 2017/2018.
“The entry of these projects into action is a strong addition to the petrochemical industry, which works with the petroleum sector to develop its investments as a vital target for reaching economically distinct revenues and providing raw materials for the local market,” Molla added.
He affirmed that the discoveries and development projects of natural gas fields contribute high payments to the Egyptian petrochemical industry and open new horizons for investment in this vital industry, which achieves the added value of oil wealth and gives a higher return on investment.
He pointed out that the development and improvement of the petrochemical system is one of the main axes of the national project to transform Egypt into a regional energy center.
Head of the Suez Canal Authority and SCZone, Mohab Mamish, signed a contract to establish the largest petrochemical complex in the Middle East with Carbon Holdings CEO, Basil el-Baz.
The petrochemical complex will be built at a cost of $10.9 billion in investments in the economic zone at the Suez Canal, including 11-factories on an area of 5 million square meters, and providing 48,000 jobs to Egyptian youth.
“The project is funded by international institutions to comply with the petrochemicals strategy and represents an added value to the Egyptian industrial sector,” the statement read.
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