(MENAFN) Egypt said it is planning to invest USD14.5 billion in developing its refining and petrochemicals sectors over the next five years as part of efforts to overcome an energy crisis that has led to near-daily power cuts and hit company profits, The Peninsula Qatar reported.
Egypt is currently trying to boost its output of refined oil products by 5-10 percent each year, in hopes to reduce its dependence on costly imports, with plans to invest USD12.5 billion in the refining sector.
Meanwhile, USD1.9 billion will be spent on the ETHYDCO project, which is a new complex that will produce ethylene and other petrochemicals, and expected to produce 460.000 tons a year of ethylene and 400.000 tons of polyethylene when it comes online at the end of 2015.
The complex, which will be built in Alexandria on the Mediterranean coast, will be the largest producer of ethylene and polyethylene in Egypt and will save the country more than USD500 million a year which the country it currently spends on imports.
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