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Egypt unveils $ 25 million carbon dioxide storage project

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Egypt’s Minister of Oil and Mineral Resources, Tarek El-Molla, has announced a project to capture and store carbon dioxide in the Meleiha field, in collaboration with the Italian company Eni, at an investment cost of $ 25 million to capture and store between 25,000 and 30,000 tons of carbon dioxide per year, according to the Egyptian Ministry of Petroleum and Mineral Resources Emirates News Agency “WAM” .

In a statement released today, Wednesday, El Molla announced the implementation of 3 projects in the field of green petrochemicals, a project to extract algae oil to be used in the production of biofuels, with a production capacity of 350 thousand tons per year, with investments of $ 600 million, to reduce 1.2 million tons of carbon dioxide per year.

As for the second project, it deals with the production of biodegradable plastic with a production capacity of 75,000 tons and investments of 600 million dollars to reduce 45,000 tons of carbon dioxide per year.

As for the third project, it is about converting plastic waste in oil to be used as raw material for the manufacture of polyethylene, with a production capacity of 30,000 tons per year and with investments of 50 million dollars to reduce 63,000 tons of carbon dioxide per year.

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