FILE - Minister of Petroleum Tarek El-Molla
CAIRO - 21 January 2018: Minister of Petroleum and Mineral Wealth Tarek el Molla asserted that the project of establishing a refinery and petrochemicals complex in the New Alamein district is currently under study as the initial estimates of its investment cost hits $8.5 billion.
The minister's remarks were made during his presidency of the General Assembly meeting of the Egyptian Petrochemicals Holding Company (ECHEM) to approve its draft budget for the fiscal year 2019/2020.
A statement released by the Ministry of Petroleum on Monday said that the minister explained during the meeting the expansion program of the petrochemicals project to cope up with the increasing needs of the market.
He added that the oil sector is currently working on carrying out an integrated plan for the development of the petrochemicals industry and creating an appropriate atmosphere for luring more investments to this vital sector.
Meanwhile, Chairman of ECHEM Saad Helal said the New Alamein Complex project aims at producing around 1.5 million tons of specialized petrochemicals and around 1.9 million tons of petrochemical products such as (butane gas, Kerosene, Mazot and diesel).
He added that other expansion projects include Sidi Kerir Petrochemicals Company (Sedpec) with total investments that hit $1.25 billion and a production capacity of 450,000 tons annually.
Other planned projects include Suez Company, the development of the naval quay, facilitation of shipping and storage of Mopco company with investments of dlrs 190 million, Helal added.
Helal also asserted that ECHEM was committed to applying industrial security standards and environment protection plans along with maintaining its strategy to developing the petrochemicals sector and raise its productivity rates.