NBE, Ikarus to invest USD 150 mn in petrochemicals
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Kuwaiti energy investor Ikarus Petroleum Industries will invest around USD 150 mn in the Egyptian petchem sector alongside the National Bank of Egypt (NBE), according to a joint statement (pdf) last week. NBE’s investment arm Al Ahly Capital will act as the JV’s direct investment manager, according to the terms of a partnership agreement signed last week. Kuwait’s Ikarus Petroleum Industries is looking to increase its investments in Egypt, with a focus on petrochemicals, oil and gas, Chairman and CEO Riyad Al-Idris said.
Advisors: Amr & Partners Law Firm was NBE’s legal advisor while Al Tamimi & Company acted as Ikarus’ legal advisor for the agreement.
Egypt is upping its petchem production capabilities: The Red Sea National Refining and Petrochemicals Company signed an agreement with the SCZone back in June to build a USD 7.5 bn petchem complex in the Ain Sokhna industrial zone. Said to be the largest of its kind in Africa and the Middle East, the petrochemical complex will produce a raft of refined oil products such as polyethylene, polyester and bunker fuel.