Egypt to build 9.5 billion dollar petrochemical project

     Egypt Petroleum Minister Sameh Fahmy has said that the Egyptian government has prepared plans to build at an estimated cost of 9.5 billion dollars, a major refining and petrochemicals project at Kafr al-Shaikh.
The proposed complex, apart from refining crude oil, will produce ethylene, propylene, polyethylene, ethylene glycol, styrene, and polystyrene, as well as zylene and parazylene.
    Fahmy added that private enterprises would be established to undertake various parts of the complex that will be financed by local and international banks.
The government is currently working for the implementation of first phase of Petrochemicals Master Plan, which will be completed in 20 years and aims at establishing 14 petrochemical complexes with 24 projects and 50 production units.
    Egyptian Petrochemicals Holding Company (ECHEM) will implement the plan, which is aimed at providing a one-stop-shop for investors wishing to enter the petrochemicals sector and at the same time become a producer of petrochemicals.
    One of the projects in the framework of the Petrochemicals Master Plan, which is already in the development stage, is the Egyptian Methanex Methanol to be built at Damietta at a cost of more than 750 million dollars. The plans envisage the production of 1.3 million tons of methanol per year.
    Another project is a joint venture between the Egyptian Natural Gas Company and Canada's Agrium Fertilizer Company, which is expected to produce 1.2 million tons of ammonia and urea per year. The project will be called Agrium Egypt for Nitrogenic Products (E-Agrium), and is expected to cost about 900 million dollars.