Egypt plans $7b petrochemical project with Shard Capital

The Egyptian government is advancing a major petrochemical investment project with an estimated cost of $7 billion. The proposal, submitted by the British company Shard Capital Partners, aims to establish a petrochemical complex in the New Alamein Industrial Zone.

This initiative is part of the national strategy to boost petrochemical production and is promoted by the Egyptian Holding Company for Petrochemicals.

Karim Badawy, Minister of Petroleum and Mineral Resources, affirmed the ministry’s commitment to supporting projects that enhance the added value of Egypt’s petroleum and gas resources. He emphasised the role of the petrochemical sector in increasing national production and reducing imports, as well as expanding export opportunities.

The minister also highlighted the importance of integrating these new projects with existing infrastructure and facilities within the petroleum sector. This includes utilising current resources for raw materials and production inputs, and directing a portion of production to international markets to achieve competitive advantages.

In addition to the New Alamein project, the Ministry of Petroleum and Mineral Resources is promoting other value-added petrochemical initiatives, including the New Alamein Petrochemical Complex and ongoing projects for soda ash and silicon production.