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Monday, 2 July 2018

Carbon Holdings signs contracts for its USD 10.9 bn petrochemicals facility

INVESTMENT WATCH- Carbon Holdings signs contracts for its USD 10.9 bn petrochemicals complex: Carbon Holdings signed on Saturday contracts with the Suez Canal Authority and a host of service providers and technical partners, kicking off its USD 10.9 bn petrochemicals facility known as Tahrir Petrochemicals Corporation (TPC). The 5 mn sqm complex would be the largest in the Middle East, the Madbouly Cabinet said in a press release. “The project is funded by international institutions and represents an added value to the Egyptian industrial sector,” Oil Minister Tarek El Molla said at the signing ceremony. Carbon Holdings CEO Basil El Baz stressed that TPC, which will take about four years to build once funds are drawn down post financial close, has received substantial backing from international financial institutions. The complex will double Egyptian exports while producing raw materials that El Baz expects will serve as catalysts for the growth of industry here at home, Reuters reports.

Background: UK Minister of Investment Graham Stuart had told Enterprise in an interview back in May that the UK will be providing Tahrir Petrochemicals with “an unprecedented” USD 1.6 bn financing package through UK Export Finance. El Molla sat down with UK Export Finance CEO Louis Taylor on Saturday to discuss the project and potential funding for future projects, according to an Oil Ministry statement.

What other oil execs are saying about the project: Sourcing funding for the project is a positive step, Robin Mills, CEO of Qamar Energy in Dubai, told The National. “They’ve finally got the financing together, which will have a positive impact for investments. The project will boost Egypt’s petrochemicals exports and, when available locally, make it cheaper than when it was imported,” Mills added.

Polish companies look eager to invest in SCZone: Meanwhile, a delegation of Polish businessmen, headed by Polish Investment Minister Jerzy Kwieciński, met with Deputy head of the Suez Canal Economic Zone (SCZone) Mahfouz Taha yesterday to explore investment opportunities there, according to Youm7.

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