Egypt’s Carbon Holdings eyes $5.2 bln loan for mega petchem project

Egypt’s Carbon Holdings, hopes to conclude a $5.2 billion loan with foreign banks to back its $7.5 billion Tahrir Petrochemicals project before the end of this year, its chief executive said Monday.

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.

The loan will be provided by five organisations; the China Development Bank (CDB), Export-Import Bank of the United States (EXIM Bank), in addition to other two banks from the UK and Germany, and a U.S. sovereign fund, Basil El-Baz, Carbon’s chief executive, told Amwal Al Ghad Monday.

Baz added he expected construction of the scheme within a 48-month timeframe after signing the final loan agreements.