Prime Minister Sherif Ismail held a meeting on Sunday with representatives of Toyota Tsusho Corporation، in the presence of the Ministers of Electricity and Petroleum، in addition to the Japanese Ambassador to Cairo.
During the meeting، the Prime Minister welcomed the company's representatives، stressing Egypt's appreciation for the current cooperation with the company in a number of important projects، particularly in the field of renewable energy and petrochemicals. He expressed his hope for further cooperation and pumping new investments during the coming period.
The meeting touched various ways to enhance cooperation with the Japanese company’s representatives، who expressed their interest in the Egyptian market. They also pointed out to the agreement recently signed to establish a wind farm in the Gulf of Suez to generate wind-based electric power with a capacity hits 250 megawatts. The Japanese company’s representatives stressed that the they are looking forward to expanding the volume of investments in Egypt during the coming period.
The meeting also tackled the establishment of a petrochemical and refining complex in the Suez Canal Economic Zone، as they discussed the technical and financial study provided by the company for the project. The complex would be implemented with the Egyptian General Petroleum Corporation (EGPC) and Japan’s Toyota Tsusho. The feasibility study will be completed by the end of the first quarter of 2018.
Production from the new facility is projected to begin in 2021. It will produce approximately 3.5 million tons of petroleum products and 1 million tons of petrochemicals، like poly-propylene and ethylene derivatives، per year. The country plans to provide the complex with 5 million tons of crude mazut per year، mostly coming from the refineries in the Suez region.
Output from the petrochemical complex will be used to cover local market demands and the surplus will be exported.