Egypt: Petrochemical sector to generate more than US$ 7 billion in annual revenue
Egypt’s growing petrochemical sector, which is expected to generate more than US$ 7 billion in annual revenue and 100,000 new jobs by 2020, will be highlighted during the MEED 2nd Egyptian Petrochemicals Conference, to be held in Cairo on January 10 and 11, 2005.
International and regional investors will attend the event, which will update delegates on the progress made in extracting the estimated 1,300 billion m2 of proven gas reserves in Egypt, and other industry developments.
“There has been much progress in the sector over the last two years,” said Dr. Sherif Ismail, acting chairman, Egyptian Petrochemicals Holding Company (ECHEM). “We have witnessed strong demand from companies across the world to invest in Egypt’s petrochemical industry, and this conference will provide a timely snapshot on how far we have progressed.”
Since the early 1990s, natural gas has been the main source of energy for a number of industries in the country, including cement, iron and steel. However, it is power generation that consumes more than 60 percent of Egypt’s natural gas.
ECHEM, a government appointed organisation, was established to develop a master plan for the petrochemical sector, and is tasked with establishing 14 petrochemical plants at six coastal sites in order to generate valuable export revenue.
Dr Ismail, who will address delegates on the progress ECHEM has made since it was formed in 2002, continued: “The petrochemical sector in Egypt has the potential to be a major source of revenue for the country, and we have developed a strategic objective to ensure that we maximise the value of this prized natural resource.”
Sameh Fahmy, minister of petroleum, Arab Republic of Egypt, will deliver the keynote address to the conference, which will be held at the J.W. Marriott Hotel in Cairo. Other confirmed speakers also include Hany Soliman Ali, chairman and managing director, GASCO, and Mohamed Farid Khamis, Chairman, Oriental Petrochemicals Company.
“Egypt’s petrochemical industry is advancing rapidly. It is strengthening and, crucially, diversifying the Egyptian economy,” said Tom Everett-Heath, conference chairman and editor of MEED, organisers of the conference. “The time is right to evaluate what has been achieved and where Egypt goes from here. We have assembled a list of speakers that have a detailed understanding of this industry and can provide the most up-to-date analysis and forecasts.”