CAIRO, June 30 (KUNA) -- The Egyptian government and privately owned firm Carbon Holdings signed on Saturday a contract worth USD 11 billion to set up the largest Middle East petrochemical complex in the economic zone of the Suez Canal in Ain Sokhna, Suez Governorate.
Head of the Suez Canal Authority Mihab Mamesh and chairman of Carbon Holdings Limited Bassel Al-Baz inked the contract.
Egyptian Minister of Petroleum and Mineral Resources Tareq Al-Mulla witnessed the ceremony of signing of the contract, Middle East News Agency (MENA) said. The project will be built on a five million square meters area.
Al-Mulla said Egypt moves forward to achieve the goals of the economic reform plan and develop sources of the national economy.
He added that his country welcomes such large projects and work on removing obstacles which impede carrying out schemes.
The project is in line with the petrochemicals strategy and represents an added value to the industrial sector, he noted.
The minister stressed that Egypt has all potentials required to set up distinguished petrochemicals industry.
He elaborated that the launch of the project keeps pace with the vision of Egypt 2030 and the objectives of the government during the next phase.
Meanwhile, Mamesh said that the project would contribute greatly to the development of the economic zone and petrochemicals to achieve industrial renaissance.
He affirmed that the scheme also is considered a base to launch several complementary projects, which provide big opportunities to both Egyptian and Arab investors.
It will benefit the Egyptian people and the country's treasury, and create thousands of jobs, he made clear.
Al-Baz said the complex will contribute to achieving a positive shifting in Egypt's industrial development march, and have direct impacts on the development of Egypt's exports.
The project creates about 20,000 jobs during the establishment phase and 3,000 others when it operates as well as 25,000 indirect jobs in the services and support field, he explained. (end)