Posted on Monday, 10 December 2018 08:54By ReutersEgypt's Carbon Holdings has secured $1.25 billion in financing to build a giant petrochemicals complex in the Red Sea port of Ain Sokhna. The Tahrir Petrochemicals Complex, a $10.9 billion project, would be the largest in the Middle East and is expected to create 48,000 jobs. The statement cited Carbon Holdings CEO Basil El-Baz as saying the company had signed several financing agreements worth $5.4 billion. Double Egypt's exportsCarbon, a private company, signed the contract to build the complex in June. The Tahrir Petrochemicals Complex, which is being funded by credit agencies in the United States, Britain and Germany, is Egypt's first naphtha cracker and will produce different types of petrochemicals used to make various consumer and industrial goods.

Source: The North Africa Journal December 09, 2018 17:37 UTC