Egypt, which wants to be the future energy hub of the region, has just taken another step towards this goal with efforts to strengthen its petrochemical industry.
The Egyptian government has reached a deal worth $ 7.5 billion with the Red Sea National Refining and Petrochemicals and the Suez Canal Economic Zone Development Company. It aims to build a petrochemical complex in the Ain Sokhna region, east of Cairo.
The announcement of this project was made on April 28 and is part of the country’s efforts to position itself as a major energy hub in the eastern Mediterranean. This infrastructure will be built on 3.56 ha and will make it possible to produce, in particular, polyethylene, polypropylene, polyester, bunker fuel and other petroleum and chemical products.
This represents an important milestone for the country, as it will not only provide petrochemicals to meet growing domestic needs, but it will also allow them to be exported. It should be remembered that this project, which had been in the feasibility study phase since 2017, will not have finally come to fruition until this year, despite the pandemic context that prevails in the world.
Egypt has an economy structured around the manufacturing (16%), real estate and construction (17%), wholesale and retail (14%), agriculture, forestry and fishing (11%) and extractive sectors. (10%).