From 2015, ETHYDCO could save Egypt US$500 mln on annual imports, allow imports to Europe, Africa

29-Sep-14

Operated by Egyptian Ethylene and Derivatives Company (ETHYDCO) - a state-owned ethylene plant due to start production in Alexandria in 2015 could save Egypt about US$500 mln on annual imports and possibly allow exports of petrochemicals to Western Europe and Africa, as per Reuters. ETHYDCO is a joint venture formed by three state-run petrochemical companies, as is slated for completion in Q1-2015. "We will direct 70% of production to the local market to acquire between 40-45% of the market," chairman Abdel Rahman Zeid said. The company would export the remaining 30% to cover dollar needs.