Egypt inaugurated on Monday comprehensive development projects at the factories of the Egyptian Petrochemical Company in Alexandria.
Petroleum Minister Tarek el-Molla inaugurated the trial operation of the developed factories, including the chlorine plant and the new thermal cracking unit of the vinyl chloride monomer production plant.
He stressed the sector's keenness on increasing production from petrochemical projects as a primary goal to replace imports with local products.
In a press statement received by Asharq Al-Awsat, he stressed that the state will continue to implement the comprehensive development plan and increase the efficiency of the various public oil sector companies to maximize production.
Molla said the Egyptian Petrochemical Company in Alexandria is a pioneer in the industry and witnessing significant projects that are developing its factories and increasing its production capacity.
He pointed out that the petroleum and petrochemical manufacturing complexes serve as a safety valve to meet the local market's needs, especially in times of global challenges and crises.
He discussed the integration between Sidi Kerir Petrochemicals Company (SIDPEC), the Egyptian Ethylene and Derivatives Company (ETHYDCO), and Egyptian Petrochemicals to maximize the utilization of resources.
Molla also oversaw the signing of a contract between the Egyptian Petrochemicals and Petrojet to design, supply, and operate a new unit to maintain the continuity of operation with total production capacity and ensure the provision of capacity storage.
On Sunday, the minister launched the operation of the second phase of the Midor Refinery expansion project with an investment of $2.4 billion.
The project aims to boost the current production capacity of the Midor refinery by 60 percent to reach 160,000 barrels per day.
Molla explored operational projects in the second phase, including the new four storages for crude and products with a total capacity of 400,000 barrels of oil and 290,000 barrels of intermediate products.
The first phase comprised a unit for nitrogen production with a doubled capacity from the current levels, a new 49-megawatt power plant to feed in the project and a gas pressure reduction station with a total of 1.4 million cubic meters per day supply gas to Midor Electricity company.
The minister explained that the Midor refinery expansion project is a part of the ambitious strategy adopted by the petroleum ministry in 2016 to execute a series of national projects to boost domestic gas output and narrow the gap between production and local consumption of oil products.