Minister of Petroleum and Mineral Resources, Tarek El Molla, witnessed the signing of two agreements between Egypt’s oil and gas sector and the US company Bechtel, the ministry stated in a press release.
The agreements were signed by the Chairman and Chief Executive Officer of Bechtel Group, Brendan Bechtel, Bechtel Egypt Country Manager, Karim El-Desouky, CEO of Red Sea National Petrochemicals Co. Mohamed Abady, Head of Engineering for Petroleum and Process Industries (Enppi), Ashraf Bahaa, and the Petrojet’s Head, Walid Lutfi.
The two agreements focused on the basic engineering and designing works as well as forming the coalition that will be responsible for executing the Red Sea petrochemical complex, located in Ain Sokhna’s economic zone.
The complex will be the biggest petrochemical project in Egypt and Africa with total investments of $7.5 billion.
The project includes a complex for producing added-value petroleum and petrochemical products, such as polyethylene, polypropylene, Polyester, and ship fuel as well as other products that will meet the demands of the local and export markets.
