The Egyptian Ministry of Petroleum and Mineral Resources will invest $6.8 billion in an integrated production complex for petrochemicals, the Minister of Petroleum, Tarek El Molla, stated, according to Amwal Al Ghad.
The funds will be disbursed over a period of up to five years.
The complex will use around four million tons of Naphtha to produce 2.7 million tons of petrochemical products, such as p-xylene, gasoline, styrene, polypropylene, polyethylene, and ammonia, El Molla noted.
Production from the facilities will more than cover local market demand for petrochemical products and the raw materials necessary for petrochemical projects, El Molla said, projecting that the surplus could be exported.
The complex will cover over three million square meters and will be located close to the Ain El Sokhna Port.