Egypt signs deal to build $7.5 billion petrochemical complex in Ain Sokhna

Egypt has signed a $7.5 billion deal to build a petrochemical complex in the Ain Sokhna industrial zone, the Cabinet announced in a statement on Wednesday.

The deal, signed between the Red Sea National Refining and Petrochemicals Company and the Suez Canal Economic Zone’s development company, aims to produce value-added petroleum products in order to meet Egypt’s domestic needs and enable exports.

The complex will be built over 3.56 million square metres.