Petroleum Sector in Talks with Indorama Corporation

Petroleum and Mineral Resources Minister Karim Badawi discussed, with vice president of Indorama Corporation Amit Lohia the developments of setting up a high-quality phosphate fertilizers plant in Ain Sokhna with investments ranging between dlrs 400 to 500 million.

The minister reiterated the Egyptian government's readiness to support important investments in vital domains that boost the national economy.

The petroleum sector is now working on optimizing the tremendous available potentials in Egypt to turn the country into an exports center for high-quality products, he said.

Lohia, on his part, said the company has been operating in Egypt since 2007 and has set up two plants to produce Polyethylene Terephthalate (PET) and packaging materials with investment of dlrs 600 million.

He added that the company is keen to finalize preparatory works of Ain Sokhna fertilizers plant project to start actual implementation by next year.