April 14, 2019
On Sunday Admiral Mohab Mameesh, Chairman of the Suez Canal Authority and Suez Canal Economic Trade Free Zone, during his meeting with Eng. Osama Kamal, Consulting Managing Director of Tahrir Petrochemical Company, and Mr. Bassel Al-Baz, Chairman of the Board of Directors of Tahrir Petrochemical Company, announced the commencement of the construction works and the delivery of the facilities for the stages of implementation. The project is located in the industrial area of Ain Sukhna, the largest petrochemical project in the Middle East at an investment cost of 10.8 billion dollars.
Admiral Mameesh in his statement said “This huge project is a quantum leap in the history of the region as it is a vital project on which many industries in Egypt depend on. President Abdel Fattah el-Sisi has shown great interest and is following up on this project. In the coming period, all support and assistance will be provided to this project and its sponsors as it is considered one of the Industrial pillars in the Economic Zone.”
He also noted that the monthly follow-up reports are referred to the President every three months, showing the latest development in both the Northern and Southern sectors of the region. A monthly follow-up report is referred to the Prime Minister showing the implementation of the President’s directives to withdraw the land from non-serious investors after the passage of three years from the receipt of land and not implementing the projects contracted with the Economic Authority.
The Admiral stated that the Economic Commission handed over the project early March to start connecting utilities and constructing the project over an area of 5.2 million square meters, which consists of a world-class Naphtha cracker with an annual capacity of 3.5 million tons. The output of the cracking process will be produce a variety of petrochemical products for domestic consumption and export with an annual capacity of 1.3 million tons of polyethylene, 662 thousand tons of polypropylene, 414 thousand tons of benzene, and 214 thousand tons of butadiene. The meeting was attended by Major General Mohammed Shaaban, Vice Chairman of the Commission for the Southern Region, and senior officials of the Economic Zone and Carbon Holding Company.
The projected total investment is 10.9 billion dollars, the expected duration of the project is five years, the expected direct employment prospects for the project is 3,000, and the expected temporary employment opportunities are 23,000 jobs.