Egypt to construct largest petrochemical complex in Ain Sokhna with investments of $7.5Bn

Egypt’s Prime Minister Mostafa Madbouli, witnessed Wednesday the signing ceremony of the contract for the construction of the largest petrochemical complex to be built in the industrial zone of Ain Sokhna in the Suez Canal Economic Zone, as part of the Egyptian state’s plan to meet the needs of the local market for petroleum and petrochemical products.

The contract was signed between the Main Development Company of the Suez Canal Economic Zone and the Red Sea Refining and Petrochemical Company, with the aim of establishing an industrial complex for refining and producing a range of petroleum and chemical products with added value such as polyethylene, polypropylene, polyesters, bunker fuel and other petroleum and chemical products.

The complex will be built at the Suez Canal Economic Zone (SCZone) in Ain Sokhna of Suez province, east of Egyptian capital Cairo.

the project is built on an area of ​​3.56 million square meters within the geographical space of the Main Development Company, one of the most important developers of the economic zone in the southern sector of Ain Sokhna, with an investment cost of $7.5 billion.

The purpose of this industrial complex is to achieve high added value in this industry, to meet the needs of the local market from the project’s products, reduce the volume of the state’s imports of those products, in addition to creating export opportunities for the produced materials, and localizing this industry.

The project is part of Egypt’s efforts to become a key energy hub in the Eastern Mediterranean region.

Abdel Nasser Rifai, Chairman of the Main Development Company for the Suez Canal Economic Zone, and Mohamed Ali Abbadi, Managing Director of the Red Sea National Company for Refining and Petrochemicals, signed the contracts in the presence of Tarek El-Molla, Minister of Petroleum and Mineral Resources, and Yahia Zaki, Chairman of the General Authority for the Suez Canal Economic Zone.