The company "Shard Capital Partners" from the UK, together with "Royal Strategic Partners" from the UAE and the Al Qahtani Group from Saudi Arabia, announced plans to construct a complex of petrochemical plants in the new industrial area of the city of Alamein in Egypt. The Ministry of Petroleum and the Ministry of Investment have already signed a framework agreement with the investment alliance.
The project proposes the establishment of a modern complex for the production of eight types of specialized petrochemicals using crude oil as the main raw material. Additionally, a refining unit and a steam cracking installation will be constructed to achieve high indicators of global level for conversion.
The project is expected to become a significant breakthrough in the industry due to the implementation of the latest global technologies to ensure high productivity, efficiency, and reduction of carbon emissions. It is anticipated that the complex will enhance Egypt's export potential in the petrochemical sector.
"This project has a decisive significance for Egypt's economic growth and competitiveness in the global market," emphasized William Blain, a financial advisor at "Shard Capital Partners".
It is planned to create 20,000 jobs during the construction phase and 3,000 after the launch, which will contribute to the development of the local economy and increase the qualifications of local specialists. The company is conducting negotiations with Orascom Construction for development, construction, and management in an innovative production complex according to the build-own-operate model.
The total investment in this enterprise is estimated at approximately $7 billion. The company aims to adhere to the highest standards of ecological sustainability and reduce carbon emissions while also exploring the possibility of producing green hydrogen as a step towards a more sustainable future.
Toby Rinkok, executive director of "Shard Capital Partners", concluded: "Thanks to close cooperation with our esteemed partners from the UAE and Saudi Arabia, as well as support from the Egyptian government, this complex will strengthen Egypt’s industrial capacities, opening new avenues for exports, creating wide opportunities for employment and contributing to economic growth in the region."
