Egypt to Offer $10b Petroleum Projects

Egypt to Offer $10b Petroleum ProjectsEgypt to Offer $10b Petroleum Projects

Egypt will highlight a total of 12 petroleum, petrochemicals and minerals projects worth $10 billion to potential global investors at an upcoming economic development summit in Sharm El-Sheikh, a report said.

Egypt aims to boost local production of petroleum commodities and industrial chemicals with these projects, TradeArabia reported, citing the country’s petroleum ministry.

Egyptian banks will offer seven projects worth $5 billion, the report said, which include a hydrocracking complex at the Assiut Oil Refinery Company at a cost of $2.8 billion, and a phosphate fertilizers and phosphoric acid plant worth $1.2 billion.

A $430 million complex with an annual production capacity of  375,500 tons of petroleum commodities will be highlighted at the global conference, as well as a venture to construct a $299 million bio ethanol plant. A 100-kilometre Sohag to Assiut LNG, as well as a Sohag to Aswan line of 500 Kilometers, at a cost of $35 million and $201 million respectively, will also be the show, the report said.

Other proposals include a propylene production plant at a cost of $2.5 billion to lay out 250,000 tons of the gas annually; an aromatics and fertilizers complex at a cost of $2.13 billion to produce 1.4 million tons of industrial chemicals and fertilizers annually.

An industrial chemical formaldehyde project at a cost of $100 million to produce 70,000 tons annually will be on offer, as well as a new desalination unit in Amreya Oil Refinery Company which could produce 4.59 million tonnes of petroleum products annually at a cost of $250 million, the report said. Egypt will also promote a glass sand processing plant with a production target of 250,000 tons annually at a cost of $35 million.