The change is seen as critical if the government is to achieve its long-term target of producing 15 million tonnes a year (t/y) of petrochemicals by 2021. Fahmy said that, under the $10,000 million petrochemicals investment plan, 24 projects would be undertaken which would generate annual export revenues of $4,000 million. ‘We are going to have some share in each of these projects,’ Fahmy said. ‘We want to invite investors to invest in Egypt, but to have a win-win situation we need to be a part of that investment.

Egyptian Petrochemicals Holding Company (ECHEM), which is in charge of attracting investment into the sector, reiterated that guarantees would be offered for competitively-priced feedstock. ‘Feedstock will be correlated with product price,’ ECHEM chairman Moustafa Shaarawi said. ‘We will have supply agreements to guarantee the supply of gas or naphtha as feedstock.’