CAIRO: Egyptian Prime Minister Mostafa Madbouly has laid the cornerstone for the first petrochemical complex at the Suez Canal Economic Zone, backed by investment totaling $7.5 billion.
The prime minister said the zone was one of Egypt’s most important national projects and part of the government’s strategy to focus on investments that would localize technology, provide job opportunities, and help raise the standard of the country’s sea ports to match global standards.
Madbouly said the industrial complex was aiming to begin operations in the first half of 2024.
The first industrial complex for petroleum and chemical materials in the economic zone will produce a range of products, including polyethylene, polypropylene, polyester, bunker fuel and other materials.
It will have a production capacity of 1 million tons annually, which will help to reduce the volume of state imports of such products.
Minister of Petroleum and Mineral Resources Tarek El-Molla said the project was being built on an area of 3.56 million square meters within the space of the Main Development Company, one of the zone’s most important developers.
The project, located in the southern sector in Ain Sokhna, will provide about 15,000 job opportunities.
The minister added that the project was the first of its kind in the region and would be a catalyst for the establishment of complementary facilities and industries in Africa and the Middle East.