Carbon Holdings plans to invest $1.5 billion in Egypt

Egypt’s Carbon Holdings plans to invest up to $1.5 billion in the local market within the coming two years, its chief executive said on Sunday.

Basil El-Baz, Carbon’s chief executive, further said during Egypt Investment Forum held in Cairo on Sunday that the Group’s total investments in the country amount to $1.5 billion approximately.

Carbon Holdings is in ongoing talks with four foreign banks, in hope of getting obtain a $5.2 billion loan to back its $7.5 billion Tahrir Petrochemicals project before the end of the current year.

Tahrir Petrochemicals complex is one of the biggest petrochemical projects ever in Egypt; it will be situated at the southern end of the Suez Canal at Ain Sokhna. The scheme will comprise a 4 million tonnes per annum naphtha cracker and petrochemical plant, according to Project Finance International, a Thomson Reuters unit.