$ 3.7bn Petrochemicals Complex in Suez Gulf

A new petrochemicals project was launched to set up a petrochemicals complex at $ 3.7 billion cost in the industrial zone of the north west of Suez. The complex will be set up over a two million square meters area, and is expected to produce 3,500,000 tons per year of petrochemicals for local consumption and 414,000 tons of benzene and 662,000 tons of propylene geared for exportation.

The Export-Import Bank of the United States (Ex-Im Bank) has approved in principle a 1.4-billion dollar loan and the Export-Import Bank of Korea (KEXIM) has approved another 1.2-billion dollar loan that will go to the giant petrochemical project, according to head of the General Authority for Investment and Free Zones (GAFI) Osama Saleh. The oil refinery project at the giant petrochemicals complex is considered the largest project to be implemented following the January 25th Revolution, he said.

The project, to be carried out over two to three years will provide around 20,000 direct and 100,000 indirect job opportunities during the construction phase, he noted. Saleh reviewed, during a meeting with officials of American companies whose representatives had attended the launching of the giant petrochemicals project, Egypt's political achievements over the past six months and its commitment to the roadmap of the transitional period.