$ 350 million for new petrochemicals project in Port Said

Egypt's Minister of Petroleum Sameh Fahmi said a number of companies, including E-GAS and GASCO, would start building a new petrochemicals project to produce propylene and polypropylene with an annual capacity of 350 thousand tons and an investment cost of $350 million.

The private sector would participate in this project.

The oil sector will continue the implementation of the projects of the first stage of the 2002-2008 national petrochemicals plan with total investments hitting $ 3.5 billion, including $2 billion as foreign direct investments (FDI), First Undersecretary of the Petroleum Ministry Eng. Shamil Hamdi said.

Polypropylene is mainly used in manufacturing carpets, yarn and textiles, household items, pipes and cables.