We value your privacy

We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. By clicking "Accept All", you consent to our use of cookies. Cookie Policy

Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Tuesday, August 12, 2025
Africanian
No Result
View All Result
  • Home
  • News
  • News 24/7
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
  • Events
Africanian
  • Home
  • News
  • News 24/7
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
  • Events
No Result
View All Result
Africanian
No Result
View All Result
Home Business

Egypt to construct largest petrochemical complex in Ain Sokhna with investments of $7.5B

The contract was signed between the Main Development Company of the Suez Canal Economic Zone and the Red Sea Refining and Petrochemical Company

Egypt to construct largest petrochemical complex in Ain Sokhna with investments of $7.5B
Share on FacebookShare on TwitterShare via Whatsapp

Egypt’s Prime Minister Mostafa Madbouli, witnessed Wednesday the signing ceremony of the contract for the construction of the largest petrochemical complex to be built in the industrial zone of Ain Sokhna in the Suez Canal Economic Zone, as part of the Egyptian state’s plan to meet the needs of the local market for petroleum and petrochemical products.

The contract was signed between the Main Development Company of the Suez Canal Economic Zone and the Red Sea Refining and Petrochemical Company, with the aim of establishing an industrial complex for refining and producing a range of petroleum and chemical products with added value such as polyethylene, polypropylene, polyesters, bunker fuel and other petroleum and chemical products, according to a governmental statement.

It added that the project is built on an area of ​​3.56 million square meters within the geographical space of the Main Development Company, one of the most important developers of the economic zone in the southern sector of Ain Sokhna, with an investment cost of $7.5 billion.

The purpose of this industrial complex is to achieve high added value in this industry, to meet the needs of the local market from the project’s products, reduce the volume of the state’s imports of those products, in addition to creating export opportunities for the produced materials, and localizing this industry.

Abdel Nasser Rifai, Chairman of the Main Development Company for the Suez Canal Economic Zone, and Mohamed Ali Abbadi, Managing Director of the Red Sea National Company for Refining and Petrochemicals, signed the contracts in the presence of Tarek El-Molla, Minister of Petroleum and Mineral Resources, and Yahia Zaki, Chairman of the General Authority for the Suez Canal Economic Zone.

For his part, Molla stressed that the project is one of the pillars of the Ministry of Petroleum and Mineral Resources’ strategy in developing the refining and petrochemical industry in Egypt, and that it is the first and largest of its kind in Africa and the Middle East.

He said that the project would contribute to Egypt occupying a distinguished position in the field of producing many petrochemical and petroleum products such as polyethylene, polypropylene, bunker and other products, depending on the expertise and capabilities available and Egypt’s distinguished position, in addition to achieving added value from these products and thus reducing costs of importing them.

He continued, “Allowing the existence of many complementary industries and exporting the surplus to achieve additional income from foreign currency and improve the state’s trade balance. It also provides many direct and indirect job opportunities for the youth.”

He pointed out that the new complex would also be one of the main pillars in the national project to transform Egypt into a regional center for oil and gas trade and commerce.

Source: Egypttoday

RelatedPosts

Liberia launches youth bank that will create 120,000 jobs and fund 30,000 businesses.

Liberia launches youth bank that will create 120,000 jobs and fund 30,000 businesses.

July 25, 2025
Liberia unleashes youth capital to dream big

Liberia unleashes youth capital to dream big

July 22, 2025
Equatorial Guinea: Africa Oil to Participate in the 3rd Annual Supply Chain & Logistics Summit

Equatorial Guinea: Africa Oil to Participate in the 3rd Annual Supply Chain & Logistics Summit

July 21, 2025
Beijing to Host 3rd China International Supply Chain Expo in July 2025

Beijing to Host 3rd China International Supply Chain Expo in July 2025

July 19, 2025
AfriLabs and ATU Sign Landmark Deal to Accelerate Digital Innovation Across Africa

AfriLabs and ATU Sign Landmark Deal to Accelerate Digital Innovation Across Africa

July 19, 2025
Kenya turns resources into results: the economy grows and strengthens

Kenya turns resources into results: the economy grows and strengthens

July 17, 2025
Nigeria accelerates economic transformation with key reforms and signs of recovery

Nigeria accelerates economic transformation with key reforms and signs of recovery

July 7, 2025
Rwanda combines youth innovation and circular economy to build a resilient nation

Rwanda combines youth innovation and circular economy to build a resilient nation

July 3, 2025
7 Tracks, 1 Future: AfriLabs Annual Gathering 2025 Sets the Stage for Africa’s Innovation Renaissance

7 Tracks, 1 Future: AfriLabs Annual Gathering 2025 Sets the Stage for Africa’s Innovation Renaissance

June 25, 2025
Africanian News Is a dedicated project aimed at amplifying the voices of the African Ecosystem and Diaspora. We actively collaborate with initiatives to improve access to education and digital inclusion, both in traditional schools and through digital platforms, for African children.

It’s crucial to emphasize that none of the articles or images featured on our platform are intended for copyright infringement, neither now nor in the future.

If you believe that any information, text, image, etc., may be subject to copyright and should be removed, please notify us by sending an email to: info@africanian.com

News Categories

  • America (39)
  • Asia (129)
  • Business (1,184)
  • Culture (185)
  • Destinations (52)
  • Entertainment (53)
  • Environment (5)
  • Europe (153)
  • Food and Drink (14)
  • Guides & Tips (20)
  • Health (621)
  • Hotels (4)
  • Meetings (26)
  • News (2,570)
  • Opinion Piece (11)
  • Politics (463)
  • Russia (73)
  • Science (63)
  • Sports (308)
  • Style (4)
  • Tech (317)
  • Trailers (2)
  • Travel (148)
  • US (107)
  • World (426)

Your dreams matter; your stories matter.

Feel free to explore collaboration opportunities with us. Share your articles, thoughts, interviews, experiments, or no-comment videos by reaching out to info@africanian.com.

You can also subscribe to our mailing list to receive the latest updates from Africanian News.

Newsletter

© 2025 Africanian News.

ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
en English

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

© 2025 Africanian News.