A new petrochemicals project was launched to set up a petrochemicals complex at $ 3.7 billion cost in the industrial zone of the north west of Suez. The complex will be set up over a two million square meters area, and expected to produce 3.500.000 tons per year of petrochemicals for local consumption and 414.000 tons of benzene, 662.000 tons of propylene and 214.000 tons of butadiene geared for exportation. The Export-Import Bank of the United States (Ex-Im Bank) has approved in principle a 1.4-billion-dollar loan to Egypt. The Export-Import Bank of Korea (KEXIM) has also approved a 1.2-billion-dollar loan that will go to the giant petrochemical project in Egypt, according to Chairman of the General Authority for Investment and Free Zones (GAFI) Osama Saleh. The oil refinery project at the giant petrochemicals complex in the industrial zone in northwestern Suez, is considered the largest project to be implemented following the January 25 revolution, Saleh said. The project, to be carried out over two to three years at costs amounting to 3.7 billion dollars, will provide around 20,000 direct and 100,000 indirect job opportunities during the construction phase, he said, referring to 3,000 engineers and technicians and 50,000 indirect workers. The establishment of the project is expected to take place by the end of the second quarter of 2013 and will operate at the end of 2016, he added. Saleh reviewed during a meeting with officials of American companies whose representatives had attended the launching of the giant petrochemicals project, Egypt's political achievements over the past six months and its commitment to the roadmap of the transitional period. Egypt will exert great efforts following the presidential elections to support local and foreign investments through improving the atmosphere of investment in general, he said. GAFI Chairman asserted that the infrastructure of investment has not been harmed and therefore is ready to be launched once again.
Source: Al Ahram