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Egypt’s Minister of Petroleum and Mineral Resources Sharif Isma’il says the ministry is conducting feasibility studies for a number of refineries and petrochemicals plants to be built in a new economic zone near the newly expanded Suez Canal.
The downstream plants will be part of the ministry’s Suez Canal Axis Development plan, which the government plans to promote to international investors. The proposed Axis development area lies alongside existing industrial developments in the northwest of the Gulf of Suez area.
Ahmad al-Wakil, head of the Federation of the Egyptian Chamber of Commerce, says the government aims to begin promoting the Suez Canal Axis plan to other countries’ business groups within the next three months. He says presentations in Abu Dhabi, Beirut, Moscow, and a number of European cities are planned.
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