Egyptian President Abdel Fattah al-Sisi launches Saturday petrochemicals complex of Egyptian Ethylene and Derivatives Company (Ethydco) in Alexandria. The project is considered as the largest complex for petrochemicals in Egypt and the Middle East.
The inauguration ceremony was attended by Egyptian Prime Minister Sherif Ismail and a number of ministers and Armed Forces leaders.
The complex is set to produce ethylene and its derivatives with total investments of US$1.9 billion.
It encompasses four projects: the first project targets producing ethylene while the second is for producing polyethylene.
The complex also includes a project for producing butadiene with the capacity of 20,000 tonnes annually and other project for to produce 26,000 tonnes of butadiene derivatives per year.
In his opening speech, Oil Minister Tarek El-Molla stated that 35 percent of project’s cost was provided by shareholders while the other 65 percent was provided through loans and banking facilities.
He added that the complex is set to operate with the capacity of 480,000 tonnes and would provide around 10,000 job opportunities
By this complex, Egypt is expected to save more than US$500 million dollar per year .
35 percent of project’s total cost has been financed with U.S. fund of US$675 million while the other 65 percent has been financed through Egyptian banks, i.e. 19 banks.
Toyo Engineering Corporation and Engineering for the Petroleum & Process Industries (Enppi) are the general contractors of the project while The Petroleum Projects & Technical Consultations Co- Petrojet is responsible for executions and installation works.
Moreover, Ethydco plans achieving sales of US$600 during the first year of starting operation and maximising the added value through opening new markets outside.