(MENAFN- Daily News Egypt) Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, met with Amit Lohia, Deputy Chairperson of Indorama Ventures, on Sunday to review the progress of a new high-quality phosphate fertiliser plant in Ain Sokhna.

The plant is a joint venture between Indorama Ventures and PhosPhate Misr Company, with an investment expected to range between $400m and $500m.

Badawi underscored Egypt's abundant mineral and petrochemical resources, highlighting their potential to bolster the economy and reduce dependence on imports.

He pointed to promising opportunities in the petroleum and mining sectors to create value-added products from raw materials, which would meet domestic demand and facilitate exports to global markets.

Badawi reaffirmed the Egyptian government's commitment to supporting crucial investments that maximise economic benefits for all stakeholders.

He noted ongoing efforts to leverage these resources and transform Egypt into a leading exporter of high-quality products. By conducting feasibility studies on significant projects, the country aims to expedite implementation and achieve targeted economic impacts.

The minister stressed the importance of adhering to project timelines and utilising advanced technologies and expertise offered by global companies, combined with the capabilities of Egypt's petroleum sector.

Lohia highlighted Indorama Ventures' longstanding presence in Egypt since 2007, which includes polyethylene resin and packaging materials plants representing a total investment of approximately $600m.

He expressed the company's commitment to accelerating the phosphate fertiliser project, aiming to complete preliminary work by the end of the year and begin full-scale construction the following year.

Indorama Ventures plans to expand its collaboration with Egypt's petroleum sector into new areas such as green ammonia and the production of raw materials for batteries. Lohia emphasised Egypt's attractive investment climate and the supportive environment for value-added industries.

Egypt boasts abundant phosphate mines, with the Abu Tartour mine in the New Valley Governorate being one of the largest in the world. Located about 60 km from El Kharga City, Abu Tartour has estimated reserves of 1 billion tons of ore grading up to 31% P2O5.

Misr exports almost 2 million tons annually to international markets and has a production capacity of 5 million tons per annum.

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