Egyptian Petrochemicals Holding Company (ECHEM) is considering the construction of a refining and petrochemical complex in Alamein with nearly $6.5 billion in investments.
The company has completed the establishment of a power plant with a production capacity of 150 megawatts at a cost of $98 million, head of ECHEM Saad Hilal said in a statement on Tuesday.
He indicated that the Suez projects for methanol derivatives production, Sidi Kerir Petrochemicals’ (Sidpec) project for propylene production, Egyptian Ethylene and Derivatives Company’s (ETHYDCO) project for butadiene rubber are currently being implemented.
These projects aim to produce new petrochemical derivatives to support other industrial sectors, he stressed.
He indicated that ECHEM’s revenues increased by 33% year-on-year in fiscal year 2017/2018.
This came on the sidelines of the general meeting of Egyptian Petrochemicals Holding Company (ECHEM), headed by the petroleum minister Tarek El-Molla, to approve the financial results for fiscal year 2017/2018.
For his part, El-Molla said 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.