The US Trade and Development Agency (USTDA) and Enjaz Project Management (EPM) signed a memorandum of understanding (MoU) to establish a project for producing petroleum derivatives used in various industries.
The project is s on 2.5m sqm in the Suez Canal Economic Zone, at a cost of $7bn.
On the sidelines of the American Chamber of Commerce conference on Wednesday, chairperson of the EPM Omar Hamza said that his company has been working with the USTDA for 18 months to prepare for this agreement.
He added that the project’s feasibility study will be completed within 6 to 7 months, noting that a new company will be established to manage and implement the project.
Hamza added that the project will be implemented over three stages, and the first stage will cost between $2.5bn to $3bn, pointing out that they will cooperate with Fluor Corporation, a leading engineering company, in the construction phase.
He revealed that the USTDA will finance the first stage of the project, while the US government and its institutions will fund the rest of the project.