Egypt executes 8 petrochemicals projects worth US$7.4bn; oil minister says

Egyptian petroleum sector owns eight largest petrochemicals projects with investments worth US$7.4 billion and total capacities estimated at 4.5 million tonnes per year.

Oil Minister Tarek El-Molla stated Saturday that those projects include the petrochemicals complex of Egyptian Ethylene and Derivatives Company (Ethydco) whose investments are estimated at US$1.9 billion.

The new complex has been launched Saturday by Egyptian President Abdel Fattah al-Sisi in the attendance of a number of ministers and Armed Forces leaders.

El-Molla made these remarks during his opening speech at the inauguration ceremony in which he clarified that the cost of producing petrochemicals is estimated at around US$2.4 billion. He noted that this cost were estimated at around US$450 million before 2000.

Minister El-Molla added that the eight projects are located in four governorates; Port Said, Suez, Damietta, and Alexandria

At the beginning of 2002, oil sector adopted a strategy through establishing the Egyptian Petrochemicals Holding Company (ECHEM), since when the sector executed seven large projects besides Ethydco complex, El-Molla pointed out.