The Red Sea Petrochemicals Complex goals to produce a variety of petrochemical materials
Prime Minister Mostafa Madbouli witnessed the signing ceremony of a package of contracts presented to the Egyptian-Chinese joint project for the execution of the simple designs for the primary phase of the Red Sea Petrochemicals Complex venture in Ain Sukhna, among the National Red Sea Petrochemical Company, China National Chemical Engineering Co., Ltd. (CNCEC), ENPPI, and Petrojet on April 16.
The contract was signed by Mohamed Al-Saadawi, Executive Member of the Red Sea National Petrochemicals Company, Lee Tjin, Chairman of the Chinese CNCEC, Wael Latafi, Chairman of the Board and Appointing Member of Enbi, Walid Latafi, Chairman and Appointing Member for Petrojet.
The Red Sea Petrochemicals Complex in the Suez Canal Axis Economic Zone, located 10 kilometers from the port of Sukhna, objectives to produce a variety of petrochemical materials by an evolved oil refinery and steam cracking units for the manufacturing of ethylene and propylene, which comes with in the framework of the efforts to attain Green transformation in petrochemical industry, environmental sustainability, reduction of carbon footprint and support energy conservation in accordance with Egypt 2030 Sustainable development approach and vision.
The initiative aligns with Egypt’s efforts to force a green transformation in the petrochemical region, improve environmental sustainability, reduce the carbon footprint, and promote energy performance, all in step with the Sustainable Development Strategy and Egypt Vision 2030.
The venture also helps the national agenda of localizing industry and growing price-added contributions to the economy to reinforce investor and economic group self belief, supporting to secure investment for next execution phrases, even as enhancing the venture’s capability to adhere to timelines and attain strategic goals.
Completing the design phrase will permit for a extra particular estimation of the venture’s actual fee, an important step in the direction of securing the required financing and reaching financial closure, paving the way for construction to begin in 2026 and the release of commercial operations thereafter.
