Egypt to Invest $7 Billion in New Petrochemical Plant to Boost Economy

Recently, Shard Capital Partners, a UK investment firm, announced that Egypt plans to invest $7 billion in the construction of a new petrochemical facility in New Alamein City in the northwest. Once completed, this plant is expected to produce 3.1 million tons of petrochemical products annually. The facility will primarily use crude oil as a raw material and will include a refinery and a mixed-feed steam cracking unit. However, the main investors have not specified the types of products that will be produced.

Shard Capital Partners has indicated that it is in preliminary discussions with Orascom Construction, an Egyptian-based global engineering and construction contractor, regarding the construction and operation of this facility. Orascom Construction focuses primarily on infrastructure, industrial, and high-end commercial projects in the Middle East, Africa, and the United States.

According to Shard Capital Partners, this project aims to bolster Egypt's local economy, enhance its expertise in the petrochemical sector, and strengthen strategic ties between Egypt, Gulf countries, and the UK. Furthermore, it is expected to significantly increase Egypt's petrochemical export capacity, playing a crucial role in driving economic growth and enhancing its position in the global market.