Echem plans a $3bn Suez complex to upgrade residual fuel oil into oil products and petchems. Latest data show the canal expansion is boosting income.

Egyptian state petchems firm Echem and state oil giant EGPC are funding a feasibility study by Japan’s Toyota Tsusho into the development of a $3bn heavy fuel oil upgrading and petrochemicals complex in the Suez Canal Economic Zone.

Echem chairman Muhammad Safaan says that the study is scheduled to be completed by the end of the first...