UAE to invest in Egypt’s Damietta petrochemical plant
Egypt’s Oil Minister, Sameh Fahmy, is presently visiting the UAE, where discussions have been held regarding Emirates’ investments in Egypt’s petrochemical sector. The opportunities for developing this sector are numerous, with the main focus of the UAE turned towards the Mediterranean-coast based Damietta plant, which would require an investment of at least $1 billion.
Fahmy, who had also recently visited Kuwait, was reported in Platt’s Commodity News, stating that the plan for the next two decades includes the construction of 14 new petrochemical complexes, with investments reaching $10 billion, with an annual production of 15 million tons of petrochemicals. –(Albawaba-MEBG)
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