Egypt plans new $5 billion petrochemical complex

Web DeskWeb Editor

02nd Sep, 2021. 12:45 pm

RIYADH: Egypt is considering building a huge $5 billion petrochemical complex in the industrial zone of New Alamein, Arab News quoted Minister of Petroleum and Mineral Resources Tarek El-Molla while talking to Al Arabiya, as saying.

The development is one of a number of large petrochemical projects being mulled over by the country’s government as part of its target to reach self-sufficiency in petrochemicals by the end of 2023.

El-Molla explained this ambitious target will be influential because this industry is involved in various fields of the Egyptian economy.

He also pointed to expectations of an oil surplus of up to $500 million this year.

The ministry aims at delivering gas to around 7 million housing units during the next three years, at a rate of 1.2 million housing units annually, within the approved national plan.

El-Molla also expected the opening of a project to produce wood from rice straw in the middle of the next year, which would help rid the environment of the negative effects of burning the surplus straw.

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