Establishing Largest Petrochemical Complex in Middle EastSource: www.export-egypt.com 7/1/2018, Location: Africa |
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Minister of Petroleum and Mineral Resources Tarek El Molla witnessed the signing of a contract to establish the largest petrochemical complex in the Middle East, worth $11 billion.
Chairman of the Suez Canal Authority (SCA) and Suez Canal Economic Zone (SCZone) Mohab Mamish signed the contract with Chief Executive Officer of Carbon Holdings Basil Al Baz for the establishment of the complex, which will be built at the SCZone in the city of Ain El Sokhna on an area of 5 million square meters. The minister explained that this project comes in line with the petrochemical strategy and represents an added value to this industry, which would boost development, stressing Egypt has all potentials for the establishment of a distinct petrochemical industry. Molla said that Egypt is moving confidently towards achieving the objectives of the economic reform plan and developing the resources of the national economy, adding that Egypt welcomes such major projects and works to overcome any obstacles. He pointed out that the launch of the project coincides with Egypt's vision 2030 and corresponds to the objectives of the government during the next phase, noting that local components will be used in the project. Mamish underscored that the project will play a huge part in the development of the SCZone based on what the petrochemical industry resemble. He said that the complex would also be the basis for the launching of several complementary projects, which offer a great opportunity for Egyptian, Arab and foreign investors to work in the project. |
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