Egypt Advances Red Sea Petrochemicals Complex Development
Petroleum Minister Karim Badawi met with petroleum company leaders to review progress on the Red Sea National Petrochemicals Complex project in the Suez Canal Economic Zone. The fully Egyptian-financed project represents significant economic value through increased local production and import substitution.
The project will be implemented in two phases, with the first phase converting crude oil into petrochemical products including polyethylene and polypropylene, generating $700 million annually in added value. The second phase will add polyester production capabilities.
Engineering and detailed designs are currently being finalized following an agreement signed in April between a Chinese-Egyptian consortium including China National Chemical Engineering Corporation, Engineering for the Petroleum and Process Industries, and Petroleum Projects and Technical Consultations Company.
Source: egyptoil-gas.com
