$500m agreement signed for Egyptian plant
Partnership will provide technology and equity support
A technology cooperation agreement worth $500m has been signed by GE and Carbon Holdings for Egypt's largest petrochemical plant.
The deal will see the provision of technology and equity support to the greenfield naphtha cracker and olefins complex project of Tahrir Petrochemicals in Ain Sokhna.
As part of the partnership, GE will provide equity financing and advanced technologies to the new petrochemicals complex, including advanced aero-derivatives gas turbines, steam turbines, generators, water filtration and desalination equipment, turbo machinery compressors and industrial solutions services.
At a ceremony held at the Egyptian Ministry of Industry & Foreign Trade, John Rice, GE’s vice chairman, signed the agreement with Basil El-Baz, chairman and chief executive officer of Carbon Holdings.
His Excellency, Mounir Fakhry Abdel-Nour, Minister of Industry & Foreign Trade, said: “Egypt is focused on providing a strong and business-friendly environment for investors. In addition to facilitating easy procedures that promote industrial investment, we are also committed to bring advanced technological partnerships that can benefit our youth and all-round economic growth."
The new plant has the potential to have a strong impact on the construction and manufacturing sectors – two key contributors to the national economy.
With a capacity of 1,360,000 tons per annum of ethylene and polyethylene, as well as significant quantities of propylene, benzene, butadiene and linear alpha olefins, the plant is billed as the world’s largest naphtha liquid cracker.
Featuring a power, water desalination and water treatment plant, the complex will employ a combined cycle power plant to generate 300 MW of power. The full-fledged water desalination plant, featuring GE’s proprietary ultrafiltration and reverse osmosis technology, has a generation capacity of 3,800 m3 per hour.