Petroleum Ministry: ECHEM sales exceed EGP 37bn in year

The Egyptian Petrochemicals Holding Company (ECHEM) production has exceeded four million tons during the fiscal year 2023-2024, the Petroleum Ministry said in a statement Sunday. Nearly105% of the production plan has been implemented, with the total value of sales amounting to more than 37 billion pounds on the local and global markets in 2023-2024, according to the statement. Petroleum Minister Karim Badawy chaired the general assembly of the ECHEM today to endorse the 2023-2024 business outcomes of the company. The meeting also took up new projects the ECHEM is implementing with the aim to increase petrochemical and green production. Badawy said the petrochemicals sector is a vital part of the Egyptian economy because it is closely linked with deepening the local industry and reducing imports, not to mention citizens' every-day use. He said his Ministry is currently acting to encourage investment in crude oil and gas for optimal benefit from energies that would be used to produce petrochemicals, thus pumping more money into this process industry and contributing to upgrading economic revenues from it. Source: State Information Service Egypt