The General Authority for the Suez Canal Economic Zone (SCZONE) has signed a framework agreement with the China-based petrochemicals firm BEFAR Group to launch a chemicals production project within TEDA-Egypt in the Sokhna industrial zone.

The Egyptian economic landscape is propelled by a diverse range of industries, with the chemicals sector playing a crucial role in driving exports and fostering economic growth. The chemical industry encompasses a vast array of sub-sectors, churning out a multitude of products. These products are not only essential for domestic use but also have a significant impact on Egypt's trade balance by reducing import reliance and maintaining its competitive edge in global markets.

Egypt is targeting to increase exports of chemicals and fertilizers by 10% in 2024, Chairman of the Chemicals and Fertilizers Export Council Khaled Abul-Makarem said.

The General Authority for the Suez Canal Economic Zone (SCZONE) has signed a letter of intent (LoI) with the China-based petrochemicals firm BEFAR Group to establish a green chemicals production park in East Port Said Industrial Zone.

BASF generated remarkable sales of €87.3 billion during 2022.

Misr Chemical Industries Company (MICH) reported a 174.6% year-on-year (YoY) hike in net profit for the first five months of fiscal year (FY) 2022/2023, according to a statement filed to the Egyptian Exchange (EGX) on December 25th.

El Nile Company for Pharmaceuticals and Chemical Industries (Nile Pharma) (NIPH) recorded a year-on-year (YoY) net profit increase of 10.4% in the first half (H1) of the fiscal year (FY) 2022/2023, according to the financial statement sent to the EGX.