First stage investments Iin pertrochemicals amounts to $ 1.3 billion

Petroleum Minister Sameh Fahmy said that investments of the first stage of the national plan for the petrochemicals industry amounts to $ 1.3 billion.

It will be carried out in five years as part of the strategy of the Petroleum Ministry to maximize the added value of natural gas and to make ' optimum use of confirmed gas reserves which amount to 53 trillion cubic feet in addition to a probable reserve of 67 trillion cubic feet according to addition and technical studies which are in progress at present.

The Authority which will be set up at the directives of President Hosni Mubarak will carry out planning at the national level.

The Minister said that the first stage calls for building 9 complexes. The annual return of this stage will amount to $ 450 million.

Investments of the national petrochemicals plan will rise to 10 billion dollars in ten years. It will provide 100,000 job opportunities.

The plan calls for building 14 giant complexes including 24 projects and 50 industrial units to produce 15 million tons of the various petrochemical products annually to meet the needs of industries and economic sectors.

The Minister said that the value of petrochemicals under the plan will amount to seven billion dollars. There will be a surplus for export valued at 3 billion dollars in addition to meeting the needs of the local market.

The complexes and projects will be distributed geographically to provide job opportunities in several places, the Minister said.