Egypt proposes three petrochemical projects at an outlay of US540 mln to the UAE

23-Jul-14

Egypt has proposed three petrochemical projects to the UAE for a total investment of US$540 mln, according to a senior official at the Ministry of Petroleum. As per Albawaba Business, the projects included establishing a factory to produce bio-ethanol from molasses, the output of which would reach 100,000 tons of molasses annually, with investment in the project totaling $250 mln. The project would be implemented in the next fiscal year (FY), according to the ministry’s plan. Another proposal focused on building a plant for production of bio-ethanol from rice straw, with annual capacity of 100,000 tons of rice straw. The investment in this project would be US$240 mln and would be implemented through the FY 2016-2017. The third project would increase polyvinyl chloride (PVC) production, used in making pipes, with the target implantation date as FY 2016-2017. Close to 40,000 would be produced annually, while the investment in the project is estimated at US$50 mln. The UAE has expressed its willingness to invest in the petroleum sector and is currently evaluating which project to go forward with in the coming period.