Egypt-Kuwait Alliance to invest in $6.8 billion Fertilizers, Petrochemical Projects

Egyptian and Kuwaiti companies agreed on Sunday preliminary deals for the establishment of petrochemical and phosphate fertiliser projects worth $6.8 billion in Egypt.

Egyptian Prime Minister Ibrahim Mahlab and Oil Minister Sherif Ismail signed memorandums of understanding with Kuwaiti companies involving projects due to start in three to five years.

The initial agreements signed on Sunday involved several companies, including Egyptian Petrochemicals Holding Company (ECHEM), Phosphate Misr Co., Egypt Kuwait Holding Company, Kuwait Gateway Holdings and Boubyan Petrochemical Co.

The projects will encompass the establishment of complexes to produce propylene and its derivatives, refining and petrochemical, Formaldehyde and its derivatives, and phosphate fertilizers. They are set to be presented in Egypt’s upcoming Economic Summit in Sharm El-Sheikh.