British "giant" offers "delicious cake", Egypt opens its doors to welcome

Egypt said on August 2 that British company Shard Capital has proposed building a petrochemical complex in the industrial zone of New Alamein city, with an estimated cost of $7 billion.

New Alamein City, Egypt. (Source: Green Prophet)

The Ahram Online newspaper reported that the information was released after a meeting between Egyptian Minister of Petroleum and Mineral Resources Karim Badawi and a delegation of officials from Shard Capital.

The meeting was also attended by Egyptian Prime Minister's Economic Adviser Gehan Saleh and Chairman and General Director of Egyptian Petrochemicals Holding Company (ECHEM) Ibrahim Mekki.

According to a statement from the Egyptian Ministry of Petroleum and Mineral Resources, the project is one of the most important initiatives promoted by ECHEM, in line with the national strategy towards increasing the production capacity of petrochemical products.

During the meeting, Minister Badawi stressed that Egypt fully supports projects that add value to the North African country's oil and gas resources, especially in the petrochemical sector.

He also praised the efforts being made to attract investment in the oil, gas and petrochemical industries, to make the most of Egypt's infrastructure. The aim is to increase petrochemical production to reduce imports and increase export opportunities.

In addition, Mr. Badawi also highlighted the importance of completing projects to increase the added value of infrastructure in the oil and gas industry.

The project will contribute to providing raw materials and necessary production inputs in the petrochemical sector, and in the future direct part of the output to foreign markets.

The Egyptian Ministry of Petroleum and Mineral Resources plans to invest and maximize the added value of the projects that ECHEM is currently implementing in the New Alamein City area, including the petrochemical complex currently under discussion, the soda ash production project and the silicon production complex.

Egypt is calling for tens of billions of dollars in investment in new petrochemical and refining projects planned for Alexandria, Assiut, Suez, Behaira, Damietta and New Alamein.

The most populous country in the Arab world is working to realise its ambition of becoming a green energy hub in the region.

Earlier this year, Egypt signed seven Memorandums of Understanding (MoUs) on cooperation in developing green hydrogen and renewable energy projects with seven global developers, with a total investment of about $41 billion over 10 years.

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