Egyptian Petroleum Minister Tarek El Molla has announced the continuation of the ministry's strategic objectives to meet local demand for petroleum and petrochemical products, export surplus, and increase exports to support sustainable economic growth.

In reviewing the progress of several new projects within the updated national plan for petrochemicals until 2040, El Molla emphasized the importance of accelerating the implementation of these projects that serve the state's goals in meeting local market needs, development projects, and keeping up with the growth of petrochemical products.

The report, received by the minister, indicated that local production for the petrochemical industry system exceeded 3.4 million tons at the end of the last fiscal year, compared to approximately 1.2 million tons in 2016/2015.

The report detailed the implementation of a number of new projects, including the production of medium-density fiberboard (MDF), bioethanol, methanol derivatives, soda ash, and mineral silicon with investments of approximately $1.4 billion.

The current technology project for wood, implemented in the city of Edco in the Beheira governorate, aims to produce 205,000 cubic meters of MDF annually to meet part of the local market's needs, replace imports, and contribute to reducing environmental pollution resulting from burning rice straw.

The project has an investment cost of 284 million euros, and the general contractor is currently completing installation work and receiving rice straw shipments after the project produced a number of trial products through the latest technologies and environmental control methods in all stages, from construction to operation, making it environmentally friendly. In addition, it is a solution to the problem of improper disposal of rice straw and its environmental impacts.

Despite the challenges of the COVID-19 pandemic, Egypt's petroleum sector has continued to achieve significant progress.

It has also attracted significant foreign investment to support the country's strategic objectives and achieve sustainable development. This success comes as part of the government's ongoing efforts to reform and modernize the petroleum industry, improve production capacity, and increase exports.