Egypt, South Korea Ink $4.8bn Pact to Establish Petrochemical Plant in Ain Sokhna

Egypt and South Korea have agreed today to establish a petrochemical plant worth US$ 4.8 billion in Ain Sokhna.

Egyptian Foreign Minister Nabil Fahmy has signed on Tuesday with the South Korean government a contract in the amount of US$ 4.8 billion to establish a petrochemical plant in Ain Sokhna, Egypt.

Upon the agreement, South Korea will contribute with 30% in favor of the petrochemical plant besides the contribution of other parties such as the United States, and Germany.

Representing a remarkable model of the Korean-Egyptian cooperation success, the petrochemical plant project will be implemented by Seoul-based SK Energy Co. Ltd.(SK Energy).

This comes as the Egyptian Minister Fahmy is currently visiting South Korea and has met with the Speaker of the National Assembly of South Korea (the Korean Parliament)  along with a number of prominent Korean MPs.

From his part, the Speaker of the National Assembly of South Korea Kang Chang-hee emphasized on the Korean firms’ keenness to invest in Egypt and to increase the number of tourists visiting the country in the light of the Korean authorities’ decree to lower travel warning on Egyptian tourist destinations.

Chang-hee also stressed the Korean firms’ willingness to take part in any future tenders to be launched by the Egyptian government in order to establish a nuclear plant in Egypt.