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Oil

Egypt signs $7.5 bln deal to build petrochemical complex in Ain Sokhna: Cabinet

Published: Updated:

Egypt has signed a $7.5 billion deal to construct a petrochemical complex in the Ain Sokhna industrial zone, the cabinet said on Wednesday.

The deal, between the Red Sea National Refining and Petrochemicals Company and the Suez Canal Economic Zone’s development company, aims to produce value-added petroleum products in order to fill Egypt’s domestic needs and enable exports.

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The 3.56 million square meter facility is the latest part ofthe country's efforts to try to develop an energy hub in the eastern Mediterranean.

The products include polyethylene, polypropylene, polyester, bunker fuel and other petroleum and chemical products, the statement said.

Read more: New members of East Med Gas Forum show ‘strength’ of deal: Egypt oil minister