Petrochemicals

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Egypt & China sign Red Sea Petrochemicals design contracts

Egypt signed contracts with a joint Egyptian-Chinese venture for phase one design of the Red Sea Petrochemicals Complex in Ain Sokhna.

Karim Badawi, minister of petroleum and mineral resources, and key oil and gas industry representatives witnessed the signing.

As part of the project, the company will shut down 18 existing oil refining units and install new ones.

The project will be implemented with 100 percent Egyptian capital with investments reaching $660 million.

Once completed it will have a capacity to produce 120,000 tonnes of SAF per annum in Egypt from used cooking oil using the HEFA pathway.

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