ECHEM eyes $15 billion investments in Egypt

ECHEMlogoThe Egyptian Petrochemicals Holding Company (ECHEM) is designing a blueprint for hiking investments from $5 billion to $15 billion within 5-10 years, said ECHEM Vice-President Hussien Ismail.

Feasibility studies are underway for a number of vital projects, including a petrochemical project in Suez Canal Axis, a Polypropylene production project, as well as a plant for ethylene production, the vice president added on the sideline of the third energy conference.

Earlier, the Egyptian Ministry of Petroleum announced targeting to produce three-million-ton petrochemicals within the fiscal year 2016.

Further, the company mulls partnerships with a number of state-owned bodies for potential investments estimated at $10 billion so as to generate ethylene from rice straws, Ismail indicated.

“ECHEM plans on establishing a company to inject $500 million into ethylene-producing schemes in association with potential partners, including state banks”, the senior official stated.

Moreover, “both ECHEM and GASCO will jointly develop ethylene production project at $500 million”, he added, expecting the two projects to be completed within 4-5 years.

ECHEM is presently running a bunch of leading investments, most significantly including schemes for producing gas derivatives at $4 billion, ethylene at $2 billion, along with other investments worth $120 million, according to data by the Egyptian Ministry of Petroleum.

(Source: Mubasher)

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