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Monday, 15 April 2019

Carbon begins construction of USD 11 bn Tahrir Petchem Complex

Carbon breaks ground on USD 11 bn Tahrir Petchem Complex: Carbon Holdings has broken ground on its USD 10.9 bn Tahrir Petrochemicals Complex (TPC) in Ain Sokhna’s economic zone, Suez Canal Authority head Mohab Mamish said in a statement. Carbon received the land last month and expects to complete the project within five years. TPC will be the biggest naphtha cracker facility in the Middle East, with an annual capacity of 3.5 mn tonnes and spanning 5.2 mn sqm. The facility is expected to help double total Egyptian exports and create upward of 25k direct and indirect jobs. Carbon had raised at least USD 5.4 bn for the project, as of last December.

Correction: 15 April 2019

An earlier version of this article mistakenly said that the USD 4.5 bn Carbon has raised for TPC included USD 1.25 bn from the Lagos-based Africa Finance Corporation and USD 3.1 bn in standby funding from Chinese lenders. 


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