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Wednesday, 12 February 2020

Bechtel, ECHEM ink USD 6.7 bn petrochem agreement

ECHEM inks agreement with Bechtel for USD 6.7 bn petchem, refinery complex: The Egyptian Petrochemicals Holding Company (ECHEM) yesterday signed an agreement with Bechtel to establish a USD 6.7 bn petrochemical plant and refinery in the Suez Canal Economic Zone, according to an official statement (pdf). The agreement, signed on the opening day of the Egypt Petroleum Show, will see the US company manage the construction of the complex and secure the funding from international financial institutions. Under the agreement, ECHEM will begin conducting feasibility studies with an international consultancy. Bechtel, Technip and Saipem have already assisted ECHEM in carrying out preliminary studies for the project, the statement said.

BP signs MoU for youth training in Egypt: Oil Minister Tarek El Molla also signed an MoU with BP to support young workers looking to enter the oil and gas industry by providing training programs and workshops, according to a ministry statement (pdf).

Schlumberger and BP inked a separate MoU to cooperate on digitizing the companies’ oil and gas exploration and production process in the Mediterranean Sea, a separate statement (pdf) said.

El Sisi meets CEOs on forum’s sidelines: President Abdel Fattah El Sisi lauded all of the three companies’ activity in Egypt in talks with each of BP CEO Bernard Looney, Schlumberger CEO Olivier Le Peuch, and Bechtel chairman and CEO Brendan Bechtel.

Correction (12/02/2020): A previous version of this article incorrectly stated that the Egyptian General Petroleum Corporation (EGPC) had signed the agreement with Bechtel.

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