The Egyptian Petrochemicals Holding Company has signed an agreement with two leading Canadian firms to set up two joint companies working in the fields of methanol and urea. The $1.2 billion agreement will be implemented in the area of the Damietta Port. It was inked on the sidelines of the second Egyptian petrochemicals conference.
Canadian ambassador Philip MacKinnon praised the "investment-friendly atmosphere" now prevailing in Egypt. According to him, there are eight Canadian companies working in the field of oil exploration and 20 others in the fields of petrochemicals and industrial equipment.
Meanwhile, Fahmy said that his Ministry plans is to implement new projects in the oil and petrochemicals sector at a total investments worth $20 billion throughout the coming 5 years, including $ 16 billion from world companies.