Egypt to invest USD7.5bn in a petrochemical complex
03 May 2021
Egypt has signed a contract to construct the largest petrochemical complex in Africa and the Middle East, at an investment cost of USD 7.5bn.
A statement by the Egyptian Cabinet said that the complex, which will be built by the government-owned Red Sea National Refining and Petrochemical Company, will be located in the Ain Sokhna Industrial Zone of the Suez Canal Economic Zone.
The aim is to establish an industrial complex for refining and producing a range of petroleum and chemical products with added value such as polyethylene, polypropylene, polyester, bunker fuel.
The project is built over an area of 3.56 million square meters.
“The project contributes to Egypt occupying a distinguished position in the field of producing many petrochemical and petroleum products,” Tariq Al-Mulla, Minister of Petroleum and Mineral Resources, said.