CAIRO: The Egyptian Petrochemicals Holding Company (ECHEM) has allocated LE 472.5 million (about $82 million) for investments in its new budget for fiscal year 2006-2007, valued at about LE 556.5 million ($96.57 million).
By allocating this amount for investment, the company is targeting to boost up exports of petrochemical products to $1.6 billion by the end of the new fiscal year, said ECHEM chairman, Sanaa Al-Banna.
The first phase of the national plan for petrochemicals includes the implementation of eight projects at a total investment cost of $4.9 billion.
Al-Banna added that her company was poised to finalize this first phase with a $350 million expansion plan for the production of 150,000 tons a year of polyphenyle products as well as offering projects to domestic and international investors.
“The projects include production of Linear Alkyl Benzene with an annual capacity of 100,000 tons and investment cost of $450 million, she said, noting that other projects included production of 350,000 tons of polypropylene with $520 million investments and 750,000 tons of ethylene with investments of $1.7 billion. -Noozz