On Wednesday, the Egyptian Prime Minister, Moustafa Madbouly, attended the signing ceremony of an agreement worth $ 7.5 billion to build a petrochemical complex in Ain Sokhna in the Suez Canal Economic Zone.
The deal, between the Red Sea National Refining and Petrochemicals Company and the Suez Canal Economic Zone’s development company, aims to produce value-added petroleum products in order to fill Egypt’s domestic needs and enable exports.
The 3.56 million square meter facility is the latest part of the country's efforts to try to develop an energy hub in the eastern Mediterranean.
The products include polyethylene, polypropylene, polyester, bunker fuel, and other petroleum and chemical products.
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