Power China, Methanex discuss investment opportunities in Egypt

Petroleum Minister Tarek el-Molla discussed on Sunday with the chairman of Power China company, which specializes in the fields of hydropower, new energy and infrastructure, the investment opportunities available in Egypt, especially in the petrochemicals sector.

The chairman reviewed the company’s operations and the projects it implemented worldwide and in Egypt, including the Banha and North Giza power stations.

He affirmed his company’s keenness to expand its activities in Egypt over the coming period in light of Egypt’s aim to become a regional energy hub.

Meanwhile, Molla discussed with Senior Vice President of Canada’s Methanex Corporation Brad Boyd plans to expand the company’s activities in Egypt through boosting the current production capacity of methanol, which stands at 1.3 million tons.

They also discussed a new production line, especially that the needed infrastructure and natural gas are available, the statement said

Molla said in statements last month that Egypt will see an expansion in petrochemicals projects over the coming period.

He said that the petrochemicals industry allows Egypt to fully utilize its gas and petrol resources and contributes positively to Egypt’s economy, and that Egypt has the necessary potentials to expand its production of petrochemicals.

By 2020, Egypt plans to produce more than three million tons of chemical products, under a 20-year national plan, which involves a range of products from ethylene and polyethylene to olefins and aromatics.