Egyptian Petroleum Minister, Sameh Fahmi, disclosed Saudi investors would establish a new petrochemicals manufacturing project in the Suez Gulf region in the future, according to UAE based Al-Bayan daily. This project is part of a larger one in which 14 other plants will be constructed over the next 20 years. The Suez complex will be similar to the Saudi-Egyptian Petrochemicals project (SEPCO) in western Alexandria.
Egypt’s petroleum ministry will contribute ten percent of the new project’s total necessary capital of $1.4 billion. Additional funding will be provided by Saudi Arabia.
The plant will produce 15 million tons yearly of petrochemical materials to be used in various industries such as plastics, thread spinning, textiles, packaging, bottling and carpets making. These products are intended for both export and domestic use. –(MENA Report)
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