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  • Written on 04.10.2014 - Industry
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EGYPT: Carbon Holdings plans investment increase for Tahrir petrochemicals project

Carbon Holdings said it will increase its investment in the Tahrir petrochemical complex being built in Ain Sokhna, Egypt, to USD 7-billion, reported Daily News Egypt.

The complex, initially expected to cost USD 5.8-billion, will have the capacity to produce 1.36-million t/y of ethylene and includes three 450,000-t/y polyethylene plants. Construction is planned to begin this year and completion is expected at the end of 2019.

"65 % of the project will be financed by bank loans, while the remaining 35 % will be self-financed," said Basil El-Baz, chairman and managing director. "Negotiations are underway with Korean and Italian banks," added Carbon Holdings' Ahmed Khrashi.

A consortium of Maire Tecnimont and Archirodon Group were awarded a contract earlier this year by Carbon Holdings for the engineering, procurement, construction and commissioning of utilities and offsite facilities of the complex.

Source: Weekly "PetroChemical News", Durham, NC, USA; 22 Sept 2014
(Syed Rashid Ali, Karachi, Pakistan)


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