The Chemicals and Fertilizers Export Council, affiliated with the Egyptian Ministry of Trade and Industry, has announced that Egypt’s exports of the sector’s products increased by 23% in 2022, recording $8.629bn compared to $7.033bn in 2021.
Minister of Petroleum and Mineral Resources Tarek El-Molla has revealed recently that the petroleum sector is implementing several strategic projects in the fields of refining and petrochemicals.
Founder and Managing Director of Anchorage Investments Ltd. – Ahmed Moharram, stated: “The Egyptian petrochemicals, chemicals, and fertilizers industries are expected to witness significant development throughout the upcoming years. This would be positively reflected on exports which increased throughout recent years according to the sector’s latest reports, demonstrating the prominence and impact of these industries on the Egyptian economy.”
Moharram added: “Egypt is expected to witness future growth in the sector capitalizing on its overall direction to switch from depending on imports to exporting, as confirmed by Fitch Ratings and aligned with the state’s endeavors to support the private sector and petrochemical projects. The Ministry of Petroleum and Mineral Resources has recently announced the study and implementation 11 new petrochemical projects from 2020 to 2035 with total investments worth nearly $19bn.”
Moharram further added: “Anchor Benitoite is expected to achieve exports exceeding $1bn in its first year of operation. Implemented by Anchorage Investments as an integrated petrochemicals complex in the Suez Canal Economic Zone (SCZONE), Anchor Benitoite would contribute to foreign direct investments into the country with a total investment cost amounting to $2.5bn. Anchor Benitoite’s complex will encompass a number of cutting-edge production units to produce Propylene and a number of petrochemical derivatives and specialized chemicals to increase the value-added to its feedstock of natural gas derivatives. Projected expansion is foreseen in the near future to further produce an array of integrated downstream products.”
Ahmed Moharram highlighted the importance of petrochemical industry stems from its role in, and impact on, the production of various daily-used products surrounding us, including basic input materials to several other industries, as well as medicines, construction materials, diapers, paints, plastic packaging, carpets and furniture, hence, any disruption to this industry directly affects our daily needs for these products.
