$6.8bn to build petrochemical complex in Egypt’s Suez Canal corridor: minister

Egypt’s oil sector will provide numerous job opportunities through building an integrated complex for producing petrochemicals over three million square metes close to the Ain al-Sokhna Port, Oil Minister Tarek al- Molla said Wednesday.

The project will cover local market needs of different petrochemical products and provide raw materials for the current and upcoming petrochemical projects, al-Mula added, expecting the project will export the surpluses abroad.

He clarified that the project will use around four million tonnes of Naphtha to produce 2.7 million tons of petrochemical products such as Gasoline, p-Xylene, Styrene, Ammonia and Polypropylene and Polyethylene. The ministry will inject $6.8 billion within a period of up to five years, for completed construction.

Egypt will establish 30 projects in the Suez Canal Economic Zone with investments totaling US$20 billion, said President of the Suez Canal Economic Zone Ahmed Darwish in April.

These projects include the establishment of a petrochemical complex, an oil refinery, and an industrial complex for the manufacture of solar cells and another for the manufacture of wind turbines, factories for the manufacture of textiles, foodstuffs, electrical appliances, motorcycles, and others. Source: Al-Masry Al-Youm