Discussions of the Minister of Petroleum and Mineral Resources with a delegation from the Indorama International Group
Minister of Petroleum and Mineral Resources Eng. Karim Badawi engaged in discussions with Vice President of Indorama International Group, Amit Lohia, focusing on the progress of a significant project: the establishment of a top-tier phosphate fertilizer factory in Ain Sokhna. This project, valued between $400 and $500 million, aims to fortify Egypt's industrial landscape
During the meeting, Badawi highlighted the resources and the promising potentials in Egypt in the fields of mining and petrochemicals. He expressed the government’s full readiness to support the important investments in these vital sectors to achieve the utmost benefit from them. He underscored Egypt's substantial potential in mining and petrochemicals, stressing the nation's capability to enhance its economic standing and reduce import dependencies.
He added that the sector is currently working on transforming Egypt into an import hub for high-quality products, emphasizing the importance of accelerating economic impact projects and adhering to specified timetables. He highlighted Egypt's strategic efforts in leveraging this potential, positioning the country as a primary exporter through meticulous feasibility studies and subsequent project executions. This can be achieved by leveraging the expertise and advanced technologies provided by international companies, as well as the capabilities and skills of the Egyptian petroleum sector.
Furthermore, Lohia highlighted Indorama's enduring presence in Egypt since 2007, with established factories dedicated to producing polyethylene resins and packaging materials, reflecting investments totaling around $600 million.
The company looks forward to deeper collaboration with Egypt's petroleum sector, exploring opportunities in green ammonia production and the manufacturing of essential raw materials for batteries. Lohia elaborated on Indorama's objective to finalize initial project preparations by the end of 2024, with full-scale implementation slated for the following year.
The Vice Chairman also pointed out that the company seeks to expand cooperation with the Egyptian petroleum sector in other fields such as green ammonia and the manufacture of raw materials necessary for the manufacture of batteries and others, stressing that Egypt has an attractive environment for investment and international companies.
The meeting was attended by Geologist Yasser Ramadan, Chairman of the Mineral Resources Authority, and Engineer Mohamed Abdel Azim, Chairman of the Egyptian Phosphate Company.