Petroleum Minister Tareq el Molla said on Tuesday 8/2/2022 that Egypt’s exports of petrochemicals and fertilizers upped during 2021 to 6.7 billion dollars, which is a 45-percent rise compared with the year before.

Chairing a general assembly meeting to endorse the 2022-2023 budget of the Egyptian Petrochemicals Holding Company (ECHEM), Molla urged the private sector to increase its contribution to the petrochemical industry, a statement by the Petroleum Ministry said.

Molla stressed that his Ministry fully supports the petrochemical industry and growing petrochemical investments in light of a 2030 strategy.

Petrochemical projects are given priority, the minister said, noting they are considered value-added industries.

The strategy of the petrochemical industry has been updated to cope with developments in Egypt and global markets, Molla told the general assembly.

He cited the Red Sea petrochemical complex at the Suez Canal Economic Zone (SCZone) in Suez, the Alamain complex and the Silicon Valley complex, noting these are important projects that are needed by the local market and could, as well, add to petrochemical exports.

Source: State Information Service Egypt