Oil minister: A plan to implement 4 petrochemical projects

The Petroleum Ministry is working on a strategy to upgrade the petrochemical industry and complete expansion plans.

Minister Tareq el Molla said on Wednesday 20/3/2019 his Ministry is seeking to implement four new projects in the coming years at a total investment of 1.5 billion dollars.

He was speaking in a general assembly meeting of the Egyptian Ethylene and Derivatives Company (ETHYDCO) to endorse the outcome of its 2018 activities.

Upgrading the petrochemical industry would sure contribute to developing the national industry, Molla said, noting that it will also help increase the value added of oil products.

This should also translate into more foreign reserves coming from petrochemical exports, the minister said.

A developed petrochemical sector will also help support the balance of payments and the national economy, he added.

Molla pressed for quick action to implement projects that would help increase the production capacity of petrochemicals, which will accordingly contribute to an optimal use of Egypt’s surplus in natural gas production.

Source: State Information Service Egypt