CAIRO: Egypt’s petroleum sector is currently proceeding with implementing a package of projects with total investments worth some $9.4 billion, in addition to projects that have been accomplished projects, Petroleum Minister announced Monday.
Petrochemical projects are given a top priority in the ministry’s strategy, Minister Sherif Ismail said in the statement.
Ismail described the petrochemical sector as “key pillar” to make greater value of Egypt’s petroleum wealth, stressing on the need to complete the implementation of these projects on schedule.
“The ministry is also speeding up the implementation of projects with total investments valued at $3.8 billion, to be operational before the end on 2015,” said Ismail.
These projects include a major complex to produce ethylene and its derivatives, with an investment cost estimated at $1.9 billion, he added.
The plant will be located in Alexandria and it is due to start production before the end of this year. The project is expected to be the largest petrochemical project in Egypt, the statement read.