Egypt signed an agreement with the American company Bechtel to establish a new refinery and petrochemicals complex at the Suez Canal Economic Zone (SCZone) with $6.7bn investment.
The agreement was signed by Chairperson of the Egyptian Petrochemicals Holding Company (ECHEM) Saad Helal and Bechtel CEO Brendan Bechtel, in the presence of Minister of Petroleum Tarek El Molla, Governor of the Central Bank of Egypt Tarek Amer, and American ambassador to Cairo Jonathan Cohen.
According to the agreement, the ECHEM will conduct a detailed feasibility study for this giant project in cooperation with a global consultant. Bechtel will provide the necessary financing from banks and international financial institutions.
The ECHEM has completed the preliminary studies for the project in cooperation with Bechtel, and the Italian Technip and Saipem alliance, which is expected to contribute to increasing the production capacity of petroleum and petrochemical products.
Moreover, Bechtel management met with President Abdel Fattah Al-Sisi on the sidelines of the conference. Al-Sisi stressed Egypt’s keeness to benefit from the company’s expertise, not only in the oil and gas sector, but also in the transport, water treatment, desalination, and construction sector.
Al-Sisi highlighted water treatment and desalination are a priority for the Egyptian state, which aims to better manage and maximise its water resources.