The contract was signed between the Main Development Company of the Suez Canal Economic Zone and the Red Sea Refining and Petrochemical Company.
It added that the project is built on an area of 3.56 million sq.m. within the geographical space of the Main Development Company, one of the most important developers of the economic zone in the southern sector of Ain Sokhna, with an investment cost of $7.5 billion.
The purpose of this industrial complex is to achieve high added value in this industry, to meet the needs of the local market from the project's products, reduce the volume of the state’s imports of those products, in addition to creating export opportunities for the produced materials, and localizing this industry.
Tarek El-Molla, Minister of Petroleum and Mineral Resources, said:
- The project is one of the pillars of the Minstry strategy in developing the refining and petrochemical industry in Egypt, and that it is the 1st and largest of its kind in Africa and the Middle East
- The project would contribute to Egypt occupying a distinguished position in the field of producing many petrochemical and petroleum products such as polyethylene, polypropylene, bunker and other products, depending on the expertise and capabilities available and Egypt's distinguished position, in addition to achieving added value from these products and thus reducing costs of importing them
Allowing the existence of many complementary industries and exporting the surplus to achieve additional income from foreign currency and improve the state's trade balance