The Egyptian Ministry of Petroleum and Mineral Resources has signed a framework agreement with UK investment firm Shard Capital to build a $7 billion petrochemical project in El Alamein, northwest Egypt. The project will include an oil refinery and a mixed-feed steam cracker, with an annual production capacity of 3.1 million tons upon completion. Advanced technologies will be adopted to ensure emissions and energy efficiency meet the highest international standards.
This initiative will drive Egypt's economic growth, enhance the country's expertise in the petrochemical sector, and significantly boost its export capabilities in the industry.