The anticipated projects come within the petroleum sector’s plan to strengthen the petrochemical industry and provide main materials for the local market, Tarek El-Mola added in a statement.
New gas discoveries and development projects bolster the Egyptian petrochemical industry and open horizons for new investments in this vital industry that add value to the oil sector and provide a higher return on investment, he stressed.
This came on the sidelines of the general meeting of Egyptian Petrochemicals Holding Company (ECHEM), headed by the minister, to approve the financial results for fiscal year 2017/2018.
El Molla noted that improving the petrochemical industry in Egypt is one of the main factors to turn the North African nation into a regional hub for energy.
ECHEM should maintain enhancing its performance and vision to keep up with the regional and global markets and raise its exports, he emphasised.
Head of ECHEM Saad Hilal said that the company is performing three preliminary studies to execute three projects with $1.842 billion in investments.
He also added that another preliminary study is being conducted for Sidi Kerir Petrochemicals’ (Sidpec) project for propylene production. The project will be set up in Alexandria over two phases with over $1.7 billion in investments.