A group of Egyptian, Saudi and Kuwaiti investors have agreed to set up a US$ 453.3 million petrochemical project in Egypt, according to the African nation’s investment authority.
Egyptian Hydrocarbon Co., a joint company created by the investors, will produce ammonium nitrate and nitric acid in the eastern province of Suez.
Egypt Kuwait Holding, Tri-Ocean Energy, Saudi Economic Development Co. and Hayel Saeed Anam Group established the company with capital of US$ 150 million. Ahli United Bank BSC, Banque Misr and the Commercial International Bank Egypt SAE will help finance the project.
In other potential petrochemical developments, Belarus and Iraq are interested in cooperating together for new Iraqi plant construction projects, according to the Deputy Prime Minister of the Eastern European nation.
Belarus cited experience in Venezuela while establishing its enthusiasm for cooperation. In 2007, Venezuelan officials signed a number of Memorandums of Understanding outlining cooperation in oil exploration and production, as well as the petrochemical sector.
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