Egyptian Petrochemicals Holding Company (ECHEM) signed a cooperation agreement with American company, Bechtel Group, with an investment of $6.7bn, the Ministry of Petroleum of Egypt announced.
The agreement aims to build a refining and petrochemical complex in the Suez Canal Economic Zone (SCZone), said the ministry. The deal stipulates that ECHEM will start preparing a detailed feasibility study in cooperation with an international consultant, reported Egypt Today. "Bechtel Group will provide the necessary funding from banks and international financial institutions," the statement said, adding that the project is “expected to increase the productivity of petroleum and petrochemical products to cover the local market needs and to export these products.”
Egypt also signed a contract for the construction of a mazut hydrocracking complex in Assiut, the largest oil refining project to be implemented in Upper Egypt, with investment totalling $2.5bn.
The complex in Assiut aims for a production capacity of 2.8 million tonnes annually, the statement said, and the facility will also produce butane and naphtha used in the production of high-octane gasoline.
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