Egypt signs deal to implement engineering works for Red Sea Petrochemical project

2021-07-12 02:07:49

(MENAFN)A statement issued by Egyptian Petroleum Minister Tarek El-Molla showed that Egypt inked two deals with the American Bechtel Group for a USD7.5 billion petrochemical project in the eastern Red Sea governorate.

The deals are set to implement basic engineering works and designs for the Red Sea Petrochemical Complex project in the Ain Sokhna economic area and to be partners in implementing the project.

The mentioned project has a complex for the production of value-added petrochemical and petroleum products, like polyethylene, polypropylene, polyester, bunker fuel and other products for the local market and for exporting.

The terms of the deals show the recent stage before the formal agreement is inked amid the Red Sea National Refining and Petrochemical Company and Bechtel next August, the statement further declared.

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