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Sunday, 19 September 2021

NBE, Ikarus to invest USD 150 mn in petrochemicals

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.

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