Carbon Holdings, a company based in Egypt, engaged in developing petrochemical plants and projects, is planning to set up a petrochemical project named Tahir, at a cost of US$ 7 billion, in Ain Sokhna town in Egypt, ahram online reported.
The petrochemical plant is expected to be one of the largest liquid naphtha crackers in the Middle East. 65 percent of investment for the factory will be financed by banks while the rest of the funds are provided by Carbon Holdings.
The petrochemical plant will be set up in Ain Sokhna’s economic zone. The Linde Group, one of the leading suppliers of industrial and process gases in Germany and SK Engineering & Construction, a leading provider of civil, transportation, and telecommunication infrastructure as well as building solutions in Korea, will implement the project.
The chairman of Carbon Holdings, Basil El-Baz said on the sidelines of the recent Euromoney Egypt Conference that the necessary contracts for obtaining 65 percent of the project’s funding will be concluded within six months, and the company will begin work on the project in 45 days.
He said the factory will produce its own electricity and will have its own water desalination plant. As the company does not depend on any subsidized source of energy, to ensure the continuity of supply and to be able to compete in the international market, they prefer to follow global prices to compete in the international market, he added.
El-Baz said that in the first years of production they would export the majority of their production. The production will start by the last quarter of 2019.
The new company will produce 150 tons of polyethylene, 100,000 tons of propylene, 700,000 tons of benzene, 150,000 tons of light fuel oil, and 159,000 tons of heavy fuel oil, El-Baz said.
Carbon Holdings expects Egyptian entrepreneurs to start manufacturing products that are currently imported from other countries, El-Baz said. (GK)
