The Egyptian Ethylene and Derivatives Company (Ethydco), whose investments are estimated at $1.9 billion, was launched last week by Egyptian President Abdel Fattah Al-Sisi, said a report.
The new complex launch was also attended by a number of ministers and Armed Forces leaders, added the Saudi Gazette report.
Ethydco is a manufacturer and provider of value-creating plastics and rubber products (linear low and high density polyethylene, butadiene, low cis and solution styrene butadiene synthetic rubber).
The Egyptian petroleum sector owns eight large petrochemicals projects with investments worth $7.4 billion and a total capacity of about 4.5 million tonnes per year, added the report.
Egypt’s Oil Minister Tarek El-Molla said during his opening speech at the inauguration ceremony that the cost of producing petrochemicals is estimated at around $2.4 billion.
He added that the eight projects are located in four governorates; Port Said, Suez, Damietta, and Alexandria.