Carbon Holdings signs $1.7 billion agreement to develop petrochemical complex
YOUM7 (Archive)

CAIRO: The privately-owned Egypt Carbon Holdings company signed on Monday a $1.7 billion cooperation agreement with the Italian company Maire Tecnimont and the Dutch company Archirodon to provide services and utilities for the Al Tahrir Petrochemicals complex, according to a Minister of Industry, Foreign Trade and Investment statement.

The agreement states the companies will provide an electricity station, a water desalination plant, tanks for storing raw material, and pipes and cables. Minister of Industry, Foreign Trade and Investment Mounir Fakhry Abdel Nour, the Italian Economic Development Minister and a number of other officials attended the signing meeting, according to the statement.

Basel El-Baz, Carbon Holdings chairman, said in the statement that the agreement will provide technical support for engineering work, construction services and the running of tests for the Al Tahrir complex in the Ain Sukhna region.

The Al Tahrir complex is the first of its kind in Egypt in this sector, he added. He estimated that the project will provide about 20,000 jobs during construction, 3,000 jobs for technicians and engineers, and 50,000 indirect job opportunities provided by the petrochemical industry’s products.

The complex is the third project to be established by Carbon Holdings in the upcoming period. The first is for ammonium nitrate and nitric acid production and the second is for petrochemicals, Al Borsa Business Daily reported.

The production capacity for the first project was 370,000 tons of ammonium nitrate and nitric acid annually. The second project  will be developed to produce 900,000 tons of petrochemicals annually, Al Borsa Business Daily reported.

Carbon Holdings plans to begin building the Al Tahrir complex in the third quarter of the 2014-2015 fiscal year, according to the statement.

Nour said Monday that Egypt’s government is trying to attract more foreign investment, adding that the $5.3 billion’s project in Ain Sukhna will add great value to the Egyptian economy by providing job opportunities.

The complex is expected to produce 1.3 million tons of polyethylene, 960,000 tons of propylene, 400,000 tons of benzene and 215,000 tons of Betadine, Nour added, which is expected to increase Egyptian exports by 25 percent.

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