CAIRO – 28 July 2024: Minister of Petroleum and Mineral Resources, Karim Badawi engaged in discussions with Vice President of Indorama International Group, Amit Lohia, focusing on the progress of a significant project: the establishment of a top-tier phosphate fertilizer factory in Ain Sokhna. This project, valued between $400 and $500 million, aims to fortify Egypt's industrial landscape.
During the meeting, Lohia elaborated on Indorama's objective to finalize initial project preparations by the end of 2024, with full-scale implementation slated for the following year.
Minister Badawi, in turn, underscored Egypt's substantial potential in mining and petrochemicals, stressing the nation's capability to enhance its economic standing and reduce import dependencies.
He highlighted Egypt's strategic efforts in leveraging this potential, positioning the country as a primary exporter through meticulous feasibility studies and subsequent project executions.
Furthermore, Lohia highlighted Indorama's enduring presence in Egypt since 2007, with established factories dedicated to producing polyethylene resins and packaging materials, reflecting investments totaling around $600 million.
The company looks forward to deeper collaboration with Egypt's petroleum sector, exploring opportunities in green ammonia production and the manufacturing of essential raw materials for batteries.
In a recent development in July, Egypt’s Ministry of Petroleum and Mineral Resources announced agreements with global firms, Shell and Cheiron Energy, to collectively invest $340 million in enhancing oil and gas production in the Mediterranean Sea and the Gulf of Suez.
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