Egypt proposes $540 million worth of petrochemical plants to the UAE

Egypt has proposed three petrochemical projects to the UAE for a total investment of $540m, according to a senior official at the Ministry of Petroleum.

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 $250m. The project would be implemented in the next fiscal year (FY), according to the ministry’s plan.

Another proposal focused on building a factory for the production of bio-ethanol from rice straw, with a capacity of 100,000 tons of rice straw produced per year. The investment in this project would be $240m and would be implemented through the FY 2016/2017, the official said.

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 $50m.

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, the official said.