21 May 2012
Egypt's Industrial Development Authority is examining proposals from several investors worth EGP 48 billion (USD 6 billion) for developing downstream oil and gas projects including refineries and petrochemicals production, a senior official told Zawya.
Egypt's Industrial Development Authority is examining proposals from several investors worth EGP 48 billion (USD 6 billion) for developing downstream oil and gas projects including refineries and petrochemicals production, a senior official told Zawya.
Qatari, Libyan and Algerian companies propose to set up new projects around the Suez Canal, one of the world's busiest transportation routes, IDA head Ismail El-Nagdy said. Most of these projects involve oil refining and the setting up of large petrochemicals complexes.
About 40 million barrels of oil are shipped each day through the Suez Canal from producers in the Arabian Gulf and Iran. "The new projects will take advantage of this massive flow," El-Nagdy said.
Two of these projects have already been approved, he said, and the companies will set up their facilities on 40,000 square meters of land after Egypt's presidential election.
© Zawya 2012
