Minister of Petroleum and Mineral Resources, Karim Badawi, received Vice President of Indorama International Group, Amit Lohia, to follow up on developments in the implementation of the project to establish a high-quality phosphate fertilizer factory in Ain Sokhna, with investments ranging from $400 to $500 million.

Lohia highlighted the company's target to finalize initial preparations for the venture by the close of 2024, with full-fledged implementation slated for 2025.

In the meeting, Minister Badawi underscored Egypt's vast potential in mining and petrochemicals, emphasizing the country's capacity to bolster its economy and lessen reliance on imports.

He mentioned ongoing efforts within the sector to harness this potential, positioning Egypt as a hub for premium exports through meticulous feasibility assessments and subsequent project execution.

Additionally, Lohia mentioned Indorama's longstanding presence in Egypt since 2007, having already established two factories dedicated to producing polyethylene resins and packaging materials, totaling investments of approximately $600 million.

The company aims to further collaborate with Egypt's petroleum sector, exploring ventures in green ammonia and the production of essential raw materials for battery manufacturing.

Recently in July, Egypt’s Ministry of Petroleum and Mineral Resources announced today that it has signed two agreements with international companies, Shell and Cheiron Energy, to invest a combined $340 million in boosting oil and gas production in the Mediterranean Sea and the Gulf of Suez.