- Ahmed Moharram: Anchor Benitoite contributes to an increase in exports of around USD 1B in its first year of operation, with a total investment cost amounting to USD 2.5B
- Petrochemicals contribute to the manufacture & production of various surrounding products used daily
Cairo – Minister of Petroleum and Mineral Resources, Eng. Tarek El-Molla, recently declared that the petroleum sector is implementing several strategic projects in the fields of refining and petrochemicals. With these ventures, Egypt is maximizing its production capacity of petroleum products, expanding value-adding industries, and efficiently utilizing the country’s natural resources, all in parallel with working on reducing the carbon footprint of the sector.
Highlighting the industry’s achievements and potential, Founder and Managing Director of Anchorage Investments Ltd. – Dr. Ahmed Moharram, stated: “The Egyptian petrochemicals, chemicals, and fertilizers industries are expected to witness significant development throughout the upcoming years. This would be positively reflected on exports which increased throughout recent years according to the sector’s latest reports, demonstrating the prominence and impact of these industries on the Egyptian economy.”
In its latest report, the Chemicals and Fertilizers Export Council, affiliated with the Egyptian Ministry of Trade and Industry, announced that Egypt's exports of the sector’s products increased by 23% in 2022, recording USD 8.629B compared to USD 7.033B in 2021.
Moharram added: “Egypt is expected to witness future growth in the sector capitalizing on its overall direction to switch from depending on imports to exporting, as confirmed by Fitch Ratings and aligned with the state’s endeavors to support the private sector and petrochemical projects. The Ministry of Petroleum and Mineral Resources has recently announced the study and implementation 11 new petrochemical projects from 2020 to 2035 with total investments worth nearly USD 19B”.
Moharram further explained: “Anchor Benitoite is expected to achieve exports exceeding USD 1B in its first year of operation. Implemented by Anchorage Investments as an integrated petrochemicals complex in the Suez Canal Economic Zone (SCZone), Anchor Benitoite would contribute to foreign direct investments into the country with a total investment cost amounting to USD 2.5B. Anchor Benitoite's complex will encompass a number of cutting-edge production units to produce Propylene and a number of petrochemical derivatives and specialized chemicals to increase the value-added to its feedstock of natural gas derivatives. Projected expansion is foreseen in the near future to further produce an array of integrated downstream products.”
Ahmed Moharram indicated that the importance of the petrochemical industry stems from its role in, and impact on, the production of various daily-used products surrounding us, including basic input materials to several other industries, as well as medicines, construction materials, diapers, paints, plastic packaging, carpets, furniture, to name a few, and hence, any disruption to this industry directly affects our daily needs for these products.