ECHEM considers new petrochemical projects

One of these projects is the soda ash project with investments of $420 million as well as the metal silicon project and titanium dioxide project with investments of $300 million, ECHEM's Chairman, Saad Helal, said in a statement by the Ministry of Petroleum and Mineral Resources on Sunday.

The projects also include the biodegradable plastic project scheduled to be built at Sidpic, the algae-based green naphtha production project, and the superabsorbent polymer project.

This came during the general assembly headed by the Minister of Petroleum, Tarek El-Molla, for approving the company's business results for fiscal year (FY) 2020/2021.

The petrochemicals industry achieved production of 4.34 million tonnes, driving revenues higher by 43% than the target and by 50% year-on-year (YoY), Helal added.

He further revealed that new projects have been implemented such as the EUR 217 million medium-density fibreboard (MDF), the $119 million Suez methanol derivatives plant, the Egyptian Company for Bioethanol's $112 million project, the $7.5 billion Red Sea Refining and Petrochemical Complex which aims at adding 3.7 million tonnes of petroleum and petrochemical products annually, in addition to Alamein Petrochemical Complex scheduled to be established with investments of $8 billion to add 4.7 million tonnes of petroleum and petrochemical products annually.