Sameh Fahmy: US $ 450 mln to be invested in 'petrocompany'

"A new petrochemical company with total investments of US $ 450 million will be operational soon, " Egypt's Minister of Petroleum Sameh Fahmi said yesterday.

Following the ceremony of signing the contract to establish the new company, Fahmi highlighted the importance of petrochemical industries in enhancing the value of natural resources such as natural gas and oil.

The new company will produce propylene and poly-propylene and its investments will be divided among the Egyptian Holding Company for petrochemicals, the Oriental Weavers Group and Sharqioun for petrochemicals.

The new facility will be able to produce an annual 350,000 tons of poly-propylene, which is a major component in manufacturing carpets, ready-made clothes and pipelines.

The total value of the poly-propylene will hit US $ 140 million, said Sanaa el-Banna, Chairperson of the Holding Company for Petrochemicals, who signed the establishment contract.