SINGAPORE (ICIS)--Egypt has started the construction of a new 1m tonne/year petrochemical complex in Ain Sokhna, the Suez Canal Economic Zone (SCZone) said in a statement.
Egypt Prime Minister Mostafa Madbouly on 5 June laid the foundation stone of the complex, which is estimated to cost around $7.5bn, SCZone said in its official website.
The 3.56m square-metre complex "will meet the local market needs of petroleum and petrochemical products and the production of polyethylene, polypropylene, polyester, and bunker fuel", it said.
The complex near the southern boundary of the Suez Canal is slated to commence operations in the first half of 2024.
The SCZone is made up of six ports and four industrial zones along the Suez Canal.
Photo: Egypt’s Prime Minister Mostafa Madbouly (second from right, in gray ball cap) at the Ain Sokhna petrochemical complex. (Source: SCZone)