CAIRO - 1 August 2024: Egypt is currently reviewing a proposal put forth by the English Shard Capital company to establish a petrochemical complex within the New Alamein Industrial Zone. The anticipated investment for this project amounts to $7 billion, as outlined in a recent communication from the Ministry of Petroleum and Mineral Resources.
The evaluation transpired during a meeting between Karim Badawi, the Minister of Petroleum and Mineral Resources, and delegates from the aforementioned company.
Minister Badawi reiterated the Ministry's commitment to supporting initiatives that enhance the value derived from Egypt's oil and gas reserves, particularly in the realm of petrochemicals, a crucial contributor to augmenting production within the Egyptian economy.
Moreover, Minister Badawi underscored the Ministry's persistent endeavors to foster investment within the petroleum, gas, and petrochemical sectors, aiming to optimize Egypt's existing infrastructure.
Emphasis was placed on the significance of harmonizing value-added ventures with the current infrastructure and assets owned by petroleum sector entities during the discussions.
The focus was on leveraging these resources to supply essential raw materials and inputs for prospective projects, along with strategizing to channel a portion of the output towards foreign markets in the future, thereby conferring competitive advantages upon new endeavors.
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