Saudi APICORP seeks establishing $6bn petrochemicals complex in Egypt
Saudi-based Arab Petroleum Investments Corporation (APICORP) is seeking establishing new petrochemicals complex in Suez Canal axis with investments worth US$5-6 billion pounds.
Tarek El-Molla -Egyptian petroleum minister- has met Wednesday with Aabed bin Abdulla Al-Saadoun – Chairman of APICORP- to discuss implementing the complex.
The complex is set to contribute to establishing industrial zone that relies on producing a number of petrochemical industries.
APICORP was created by the Organisation of Arab Petroleum Exporting Countries (OAPEC) in 1975 as a commercially-focused financial institution that can help provide nuanced and efficient financing options to the Arab energy industry.
Over the last four decades, APICORP has worked to raise capital access and enhance the financial stability and performance of the Arab energy industry through an array of strategic equity investments, project loans, trade finance, advisory and research.
The meeting was attended by Raed Al-Rayes – APICORP’s Deputy Chief Executive -, Mohammad Safaan -Chairman of the Egyptian Petrochemicals Holding Company (ECHEM)-, and Sherine Ahmad- Undersecretary, Planning & Technical Affairs at Ministry of Petroleum.
During the meeting, El-Molla and Al-Saadoun have showcased the available cooperation opportunities between Egypt’s petroleum sector and APICORP within the upcoming period.
They also discussed the projects in which APICORP participate with Egypt in petrochemicals and natural gas sectors.
Minister El-Molla stated that there are a number of economic projects in petroleum, gas, and petrochemicals fields in which APICORP can take part in or finance.
On the other side, Chairman Al-Saadoun asserted that APICORP is ready to support the cooperation with the Egyptian side as well as studying firm’s participation in funding the new projects.
He clarified that the volume APICORP’s investments in oil and gas joint ventures since inception are estimated at US$16 billion.
