The Minister of Petroleum heads the General Assembly of the Egyptian Petrochemical Holding Company

Published on : 2020-02-26

Engineer Tariq Al Mulla, Minister of Petroleum and Mineral Resources, chaired the General Assembly of the Egyptian Petrochemical Company to approve the planning budget for the next fiscal year 2020-2021 in the presence of the chemist Saad Hilal, President of the Egyptian Petrochemical Company and Engineer Abed Ezzaljal, CEO of the Petroleum Authority, and engineer Osama El-Baqly, Chairman of the Egyptian Company for Natural Gas and Accountant Hisham Okasha, President of the National Bank of Egypt, and Accountant Nabawiyya Ahmed, first agent of the Central Auditing Organization.

 Engineer Tareq Al-Mulla stated that Egypt has new major industrial projects for petrochemicals that will be established in both the Suez Canal economic zone and the new city of El Alamein in light of the implementation of the ministry’s plan to develop this vital industry within the project to develop and modernize the oil sector, adding that these projects will be established in partnerships with major international companies  Emphasizes that the Egyptian petrochemical industry is on the right track and is an attractive industry for international investments, as it represents a real contribution to enhancing Egypt's benefit from its constituents in the petrochemical industry and enhancing Egypt's regional position in this vital industry under  A new projects will provide him with huge productive capacities upon completion of their implementation and operation, stressing that the petrochemical industry is one of the important industries in building the economy with its high added value and distinct financial returns on investment and a strong contribution to replacing imports and increasing Egyptian exports abroad

 The Minister stressed the importance of following international best practices and the latest technologies in existing or new projects, and stressed the speedy completion of the implementation of digital transformation systems and projects in the petrochemical industry sector within the petroleum sector development and modernization project, especially the implementation of the first integrated system for resource and asset management that links ERP  The holding company and its affiliated companies and projects, which contribute to raising the efficiency of performance.

 For his part, the company’s chemist, Saad Hilal, stated that it aims to move forward in completing the National Petroleum Ministry’s plan to expand the petrochemical industry in light of the work program for this industry in the project to develop and modernize the petroleum sector, and that it has given priority in its budget for the next fiscal year 2020/2021 for new projects for new projects  Under development and study, which includes both the refining and petrochemical complexes in Suez and El Alamein, and the polyacetal production project that is currently being studied in Damietta Port, and it is the first of its kind to be established in Egypt and Africa, and the bio-ethanol production projects.  Amin is also the ongoing study of their stay in Damietta.

 And he clarified that an agreement was reached with a number of major American and British companies and American financial institutions to cooperate and invest in new projects where cooperation with the American Bechtel is carried out in the project of the Refining and Petrochemical Complex in Suez at an estimated investment cost of $ 7.6 billion in light of the agreement of principles recently signed between the two sides and with an alliance  The British companies Sherid Capital and BSW as an investor and shareholder in the new refining and petrochemical complex in Al-Alamein at an estimated investment cost of $ 8.5 billion, which contribute to meeting the needs of the local market and export the surplus products.  Specialized Rocochemical, which in turn enters in dozens of complementary industries and is based on many small and medium industries in the field of plastics, auto industries, textiles, rubber, printing materials, paints, and adhesives, in addition to the main petroleum products that will be provided by the two compounds.

 He pointed out that it was in the process of conducting a detailed feasibility study for the polyacetal project funded by the United States Agency for International Development and Trade, where the preliminary feasibility study showed economic indicators encouraging investment in the project, whose estimated investment cost is about 400 million dollars, and it is planned to produce 50 thousand tons annually of polyacetal, which is the material  On which important industries such as the electronic industries, electrical appliances and auto parts depend,

 He added that there are 5 projects in the implementation stage currently underway, which include projects for the production of medium-density wooden panels from rice straw in Beheira Governorate, the production of methanol derivatives in Suez and Poli Butadiene in the Aididko complex in Alexandria, and the production of propylene and its derivatives with the expansion of the Cidbeck complex in Alexandria and the marina and the shipping and storage facilities of the Mobco complex in Damietta.

 He emphasized commitment to implementing programs for applying occupational safety and health procedures in petrochemical production projects in accordance with the highest international standards and requirements in a manner that guarantees safe operation and safety.

 He pointed out the implementation of positive steps to implement digital transformation projects by accelerating the completion of the implementation of an integrated system for managing resources and assets of all petrochemical companies affiliated with them and linking them to the holding company to provide indicators and accurate updated data that enables the decision-maker to complete the work quickly and efficiently and avoid any obstacles.

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