News Post
Carbon Holdings and UAE in talks over Tahrir Petrochemical Complex
Carbon Holdings is reportedly in talks with the UAE Government over a possible $400m investment in the Tahrir Petrochemical Complex in Ain Sokhna, Egypt.
Work on the Tahrir complex is expected to commence in 2015 and will take around four years to complete.
A source familiar with the matter was quoted by Daily News Egypt as saying that the Emirati Government may issue shares to the Egyptian Government if the talks are successful.
The project is estimated to cost around $6.8bn, of which 65% will be financed through bank loans, while the remainder will be self-financed.
It is expected to support the region with 20,000 jobs during the construction phase.
The complex will produce 1.35 million tonnes per annum of polyethylene, 960 million tonnes of polypropylene, approximately 400 million tonnes of petrol and 215 million tonnes of butadiene.
Carbon Holdings chairman and CEO Basil El-Baz was quoted by Bloomberg as saying: "Egypt doesn't have any of these facilities.
"As a consequence, we haven't seen the production of basic goods, such as fishing lines and automotive tires."
Companies working on different aspects of the project include Foster Wheeler, KBR, SK E&C, Maire Tecnimont, GE and a consortium of Maire Tecnimont, Archirodon Group and Drake & Scull International (DSI).
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