ZCZC
BCN-34
EGYPT-PETROCHEMICAL-COMPLEX-INVESTMENT
Egypt to build Mideast largest petrochemical complex with 10.9 bln USD
investment
CAIRO, July 1, 2018 (BSS/Xinhua) – The Egyptian government signed on
Saturday a contract with a petrochemical corporation to establish the largest
petrochemical complex in the Middle East at the Suez Canal Economic Zone
(SCZone).
The complex will be located in Ain Sokhna district of Suez province, with
an estimated investment of 10.9 billion U.S. dollars, official MENA news
agency reported.
The contract was signed by Mohab Mamish, head of the Suez Canal Authority
and the SCZone, and Basil al-Baz, CEO of Carbon Holdings .
Established in 2008, Carbon Holdings introduces itself as a Cairo-based
privately owned company that operates midstream and downstream petrochemical
projects running in the SCZone.
Funded by international institutions, the petrochemical complex project is
set to comprise 11 factories on an area of 5 square km and to create about
48,000 job opportunities, according to MENA.
It is estimated to be completed for at least 41 months.
The Suez Canal Corridor development is one of Egypt’s mega national
projects that the country counts on to attract foreign investments and boost
economy after years of slowdown.
In late May, the Egyptian and Russian governments signed in Moscow an
agreement to build a Russian industrial zone on an area of 5.25 square km in
the SCZone, with investment estimated at 7 billion dollars.
BSS/XINHUA/HR/1245