July 12, 2021

Egypt inks deals for $7.5bn petrochem project


e project includes a complex for the production of value-added petrochemical and petroleum products

CAIRO: Egypt signed two agreements with the American Bechtel Group for a $7.5 billion petrochemical project in the eastern Red Sea governorate, according to a statement issued by Egyptian Petroleum Minister Tarek El-Molla.

The agreements are to implement basic engineering works and designs for the Red Sea Petrochemical Complex project in the Ain Sokhna economic area and to be partners in implementing the project.

The project includes a complex for the production of value-added petrochemical and petroleum products, such as polyethylene, polypropylene, polyester, bunker fuel and other products for the local market and for exporting.

The statement said that the terms of the agreements represent the last stage before the formal agreement is signed between the Red Sea National Refining and Petrochemical Company and Bechtel next August.

El-Mulla said that the project “is the largest of its kind in Africa, and represents a model for projects that reflect Egypt’s tendency to build major projects and a strong petroleum industry, which contribute to increasing domestic production and export, maximizing added value and achieving sustainable growth.”

“We are pleased to see Bechtel, one of the leading engineering and construction companies in the United States, take a leading role in the most important investment in the petrochemicals field in Egypt, which enhances the commercial component of the US-Egypt strategic partnership, which is flourishing in many directions,” US Ambassador to Egypt Jonathan Cohen said.

arabnews


Categories : oil and gas

Finance & Economy

Patient Safety Movement Foundation Welcomes New Leadership

2021-10-24 10:10:00
-- The Patient Safety Movement Foundation (PSMF), a global non-profit committed to achieving zero preventable patient harm and death across the globe by 2030, today announced Michael A.E. Ramsay, MD, FRCA as its new chief executive officer. Following his appointment, Mike Durkin, OBE, MBBS, FRCA, FRCP, DSc will assume Ramsay’s previous role as chairman.......
Read More
IMF expert panel: Improved policy framew...
October 24, 2021
Reynaers shines with Ajdan Rise
October 24, 2021

Latest News



oil and gas

Greece, Egypt, Cyprus sign energy deal w...
October 20, 2021
Egypt, Greece to sign electricity interc...
October 14, 2021
Egypt’s LNG exports expected to ri...
October 14, 2021