ECHEM eyes $15 billion investments in Egypt
The 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.