$6.8bn to construct petrochemical complex in Suez Canal corridor

Minister of Oil and Mineral Wealth, Engineer Tarek al-Mula, said that the oil sector will provide numerous job opportunities through the establishment of an integrated complex for producing petrochemicals on 3 million m2 lands close to the Ain al-Sokhna Port.

The project will cover local market needs of different petrochemical products and provide raw materials for the current and upcoming petrochemical projects, al-Mula added, expecting the project will export the surpluses abroad.

He clarified that the project will use around 4 million tons of Naphtha to produce 2.7 million tons of petrochemical products such as Gasoline, p-Xylene, Styrene, Ammonia and Polypropylene and Polyethylene. The ministry will inject $6.8 billion within a period of up to five years, for completed construction.

Egypt will establish 30 projects in the Suez Canal Economic Zone with investments totaling US$20 billion, said President of the Suez Canal Economic Zone Ahmed Darwish in April.

These projects include the establishment of a petrochemical complex, an oil refinery, and an industrial complex for the manufacture of solar cells and another for the manufacture of wind turbines, factories for the manufacture of textiles, foodstuffs, electrical appliances, motorcycles and others.

Edited Translation from Al-Masry Al-Youm

Related Articles

Back to top button