The Ministry of Petroleum and Mineral Resources stated that the English company Shard Capital proposed building a petrochemical complex in the New Alamein Industrial Zone at an estimated cost of $7 billion.
The statement came after a meeting on Thursday 1/8/2024 attended by Minister of Petroleum and Mineral Resources Karim Badawi, a delegation from Shard Capital, Prime Minister Advisor for Economic Affairs Gehan Saleh, and President and Chairman of Egyptian Petrochemicals Holding Company (ECHEM) Ibrahim Mekki, among others.
According to the statement, this project is one of the most significant initiatives ECHEM promotes as part of its national strategy to boost petrochemical production.
During the meeting, Badawi emphasized that his ministry supports projects that add value to Egypt’s oil and gas resources, particularly in the petrochemical sector.
He also highlighted the ongoing efforts to attract investment in oil, gas, and petrochemical industries to make optimum use of Egypt’s infrastructure. The goa
l is to increase petrochemical production to reduce imports and enhance export opportunities.
Additionally, Badawi also stressed the importance of complementing the implementation of value-added projects with infrastructure and facilities owned by petroleum sector companies.
The operation of the projects has to be studied to provide necessary raw materials and production inputs and guide part of its future production to foreign markets.
It is worth noting that the ministry plans to invest and maximize the added value of projects that ECHEM is currently implementing in the New Alamein area, including the petrochemical complex, which is currently under discussion, the soda ash project, and the silicon production complex, which are being implemented.
Source: State Information Service Egypt