ArabFinance: Exports of the Egyptian petrochemical and fertilizers industries grew by 45% year-on-year (YoY) in 2021, Minister of Petroleum Tarek El-Molla said in an official statement.

The value of petrochemical and fertilizers exports recorded $6.7 billion in 2021, El-Molla added.

The petroleum ministry is fully supporting the petrochemical industries in light of the upgrade of the sector’s strategy until 2030, he pointed out.

Egypt is planning to implement a number of projects, including the Red Sea Complex for Petrochemicals at the Suez Canal Economic Zone (SCZone) and Al-Alamein Complex, to add value to the petrochemical sector, he mentioned.

These comments were made on the sidelines of the general assembly headed by El-Molla to endorse the planning budget of the Egyptian Petrochemicals Holding Company (ECHEM) for fiscal year (FY) 2022/2023.

For his part, Chairman of ECHEM Saad Hilal presented the company’s budget indicators and position regarding ongoing and potential projects.

Under its budget for FY 2022/2023, ECHEM has approved an amount of EGP 1.3 billion for long-term investments and under-construction projects.

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