The project of establishing a refinery and petrochemical complex in New Alamein is currently under study as the initial estimates of its investment cost hits USD8.5bn, according to Petroleum Minister Tarek El Molla. The Minister's remarks were made during his presidency of the General Assembly meeting of the Egyptian Petrochemicals Holding Company (ECHEM) to approve its draft budget for FY19/20. A statement released by the Ministry of Petroleum on Monday said the Minister explained during the meeting the expansion programme of the petrochemical project to cope up with the increasing needs of the market.