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Aerial view oil and gas refinery at sunset, Business petrochemical industrial, Refinery oil and gas factory power and fuel energy. Image used for illustrative purpose. Getty Images
A UK-UAE-Saudi consortium has entered into an agreement with the Egyptian government to develop a $7 billion petrochemical complex in the industrial zone of New Alamein City, the consortium’s lead firm Shard Capital Partners announced.
The alliance, which includes the UAE's Royal Strategic Partners and Saudi Arabia’s Al-Qahtani Group, has signed a framework agreement with Egypt’s Ministry of Petroleum and Ministry of Investment for the project, a press statement issued by the London-based financial services firm said.
The integrated complex will have a production capacity of 3.1 million tonnes annually, producing eight specialised petrochemical products, the statement said.
It said the project is expected to create 20,000 jobs during construction and 3,000 permanent positions once operational.
The facility will be designed to process crude oil and will include a refinery and a mixed steam cracker unit.
The consortium is also in initial discussions with Orascom Construction for potential investment in the construction and operation of the complex under a Build, Own, and Operate (BOO) model.
(Writing by SA Kader; Editing by Anoop Menon)
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