PROJECTS: US' Bechtel, Egypt's ECHEM to partner for $7.5bln petrochemical project in Ain Sokhna

United States-based engineering and construction company Bechtel and Egyptian Petrochemicals Holding Company (ECHEM) will partner to develop a mega petrochemicals complex at a cost of $7.5 billion, a statement posted by Egypt's State Information Service (SIS) last week said.

 

The project will be located in the Suez Canal Economic Zone (SCZone), the statement said.

 

On Monday, Saudi english language newspaper Arab News had reported that Egypt had signed agreements with Bechtel to provide provide engineering design services for the Red Sea Petrochemical Complex project in Ain Sokhna, and to partner for its implementation.

 

The report, quoting a statement issued by Egyptian Petroleum Minister Tarek El-Molla, said a formal agreement between the Red Sea National Refining and Petrochemicals Company and Bechtel would be signed in August.

 

In April, Reuters had reported that SCZone and the Red Sea National Refining and Petrochemicals Company signed an agreement to build a $7.5 billion petrochemical complex in the Ain Sokhna industrial zone. The report said the complex would make polyethylene, polypropylene, polyester, bunker fuel and other petroleum and chemical products.