company news about Egypt to Invest $7 Billion in New Petrochemical Plant

Egypt to Invest $7 Billion in New Petrochemical Plant

  Recently, according to British investment company Shard Capital Partners, Egypt plans to invest 7 billion US dollars in a new petrochemical plant in the northwestern city of New El Alamein, which will produce 3.1 million tons of petrochemical products per year after completion. "The petrochemical plant will use crude oil as the main feedstock and include a refinery and a mixed-feed steam cracker," the company said. The main investor did not provide a breakdown of the products produced at the plant.

  Shard Capital Partners said it is in preliminary discussions with Orascom Construction regarding the construction and operation of the plant. Headquartered in Egypt, Orascom Construction is a global engineering and construction contractor focused primarily on infrastructure, industrial and high-end commercial projects in the Middle East, Africa, and the United States.

  Shard Capital Partners said: "The project will support Egypt's local economy, enhance Egyptian expertise in the petrochemical sector and strengthen strategic ties between Egypt, the Gulf states and the UK." In addition, it will significantly enhance the export capacity of the Egyptian petrochemical industry, playing a key role in driving economic growth and strengthening its global market position."

From https://www.chemnews.com.cn/.

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