Minister of Petroleum: Continue to support and develop the petrochemical industry

Engineer Tarek El Molla and the minister of petroleum and mineral resources, confirmed that the results achieved by the Egyptian petrochemical industry system, which is witnessing an increase in production and revenues in recent years confirmed that the work of developing all aspects of the system and supporting it is on the right track, all its indicators about business last financial year result saw an increase in quantities and revenues and the volume of investments attracted, including billion investments in foreign currencies in a number of projects such as the Red Sea refining and petrochemical complex and the alamein complex and other The modern-day project is not enough for the local and international S.S. needs.

During the general assembly to adopt the results of the work of The Egyptian Petrochemical Holding Company for fiscal year 2021/2020, El Molla stressed that the ministry continues to support this system in light of the added value it achieves to exploit natural resources and achieve economic returns that serve the national economy.

He also pointed out that the production of the petrochemical industry in more than 4 million tons during the last fiscal year comes as one of the fruits of the program of modernization of the petrochemical industry strategy, which was launched in 2020 and is characterized by operational plans that have the flexibility to keep pace with the continuous changes taking place in this strategic industry great return and impact, pointing out that the local and global private sector and the Egyptian banking sector are key partners in the successes achieved by the petrochemical system and the prospects ahead of promising prospects.

The chemical Engineer Saad Helal the company’s CEO reviewed the results of its work, pointing out to achieve an increase in the quantities of petroleum products during the last fiscal year supported by the overwhelming support of the Ministry of Petroleum for this vital industry and its keenness to develop the petrochemical system both in terms of economic performance and ensure the sustainability of the business through the continuous emphasis on adherence to all standards of occupational safety and health, which led petrochemical companies to achieve 21 million hours of safe work during the year, pointing out that the petrochemical industry achieved a production rate of 4.34 million tons and that what An increase in production this year led to a 4% increase in revenues from the target and 0-9 from last fiscal year.

He also explained the development of the implementation of a number of new projects such as the project of producing medium-density wood panels, which has investments of 217 million euros and the Suez methanol derivatives project with investments of 119 million dollars and the Egyptian project for the production of bioethanol with investments of 112$ million and the Red Sea Refining and Petrochemical Complex project with an investment of $7.5 billion to add petroleum and petrochemical products 3.7 million tons per year, and the establishment of al-Alamein Petrochemical Complex company to be established with investments of 8 billion du Lar to add petroleum and petrochemical products 4.7 million tons per year.

He pointed out that a number of new projects are being studied within the national updated petrochemical plan 2020-2035 to maximize the utilization of the industry and invest the components currently available for this plan, chiefly the availability of raw material represented by natural gas, including the construction of the soda ash project with investments of $420 million, the mineral silicon production project and its derivatives and the titanium oxidization project with investments of $300 million, in addition to studying other projects such as the production of biodegradable plastics planned for biodegradable plastics. His stay at SIDPEC the green NAFTA production project from algae oil and a polymer production project are a absorption plan.

He pointed out what is being implemented in the context of the development of petrochemical companies to improve their economies and increase their production capacity, explaining that the study of the project of the company logistics services for petrochemicals as well as the completion of the renovation of the cells of the chlorine plant of the Egyptian Petrochemical Company and the developments of the project expansions of the company as well as the rehabilitation of the plant VMC and the modernization of PVC plant to increase its production capacity to 200 thousand tons per year, as well as the establishment of two units to remove chloride and the project to increase production capacity in LAB by about 40% of the current energy