The government has initiated procedures for the establishment of a petrochemical complex in Suez, Oil Minister Tarek El Molla said in a press statement carried by Ahram Gate. The USD 10.5 bn complex was announced back in July and comes as part the national strategy to turn Egypt into a petrochemical hub by boosting investments in refineries to meet domestic and regional demand. El Molla also added that the Natural Gas Act, due to be enacted in February, will support refinery projects being established in the future, such as Qalaa Holdings subsidiary Egyptian Refining Company’s Mostorod refinery, which is expected to begin production this year. The refinery was initially set to begin production by the end of 2017, but the timeline was pushed to 2Q2018 following construction delays.

Tags: