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Thursday, 20 July 2017

USD 10.5 bn petrochemicals complex is being planned in Suez

A USD 10.5 bn petrochemicals complex is being planned in Suez, writes Al Masry Al Youm. The governor of Suez met Wednesday with a delegation from an unnamed petrochemical company to discuss plans for establishing the complex. The plan aims to make Suez a petrochemical production hub in the region meeting domestic demand and exporting to foreign markets. Work on the complex is expected to start in 2018. Officials from the World Bank and the European Development Bank also attended the meeting.

The government had announced plans earlier this week to establish a USD 4 bn petrochemicals plant, according to Oil Minister Tarek El Molla. He had met with Toyota, which will be conducting feasibility studies over the next 28 weeks, AMAY reported.

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