Petrochemicals a prop for strategic industries

Egypt's Minister of Petroleum Sameh Fahmy recently declared that Egypt is keen to build up a strong petrochemical industry which is considered one of the most strategic industries on which many other industrial depend.

ÊÊÊ This is in addition to meeting the incessant need of petrochemical products in different fields and export the surplus to world markets to step up the State's proceeds of hard currency.

ÊÊÊ These industries represent the main entrance to set up as technological base in Egypt that qualified it to be ranked among the world countries in this field.

ÊÊÊ The Minister went on to say that Egypt has all the necessary potentialities to put it on the threshold of a distinguished petrochemical industry especially after endorsing the national plan for such a vital industry that includes establishment of 14 petrochemicals complex in20 years.

ÊÊÊ This also envisages carrying out 24 projects and 50 productive units with investment costs of $ 10 billion for producing 15 million tons of petrochemical products annually valued at $ 7 billion to realize self-sufficiency for the local market.

ÊÊÊ It adds $ 4 billion as annual revenues from exports in addition to providing 100,000 direct and indirect job opportunities.

ÊÊÊ On the same note, the ministry signed a contract with two world companies to set up two $ 820-million plants for producing fertilizers with the use of natural gas.

ÊÊÊ The two plants' production capacity, estimated at 650,000 tons for each, will be oriented for export.