The Carbon Holding Group has spent $220m in the procedures for establishing the Tahrir Complex for Petrochemicals and the value paid for usufruct of the land which is 5 sqm in the Suez Canal Economic Zone (SCZone) in Ain Sukhna.
Former Petroleum Minister and Managing Director of Carbon Holding, Osama Kamal, said that the company has signed a contract with the administration of the SCZone to rent 5m sqm for $10m annually.
He explained that the establishment process of the Tahrir Complex for Petrochemicals is supposed to take place in the first half (H1) of this year.
Kamal added that the investment cost of the refineries complex project is estimated to be $10.9bn, with a part worth $5.5bn being funded through the Export-Import Bank of the United States, the UK Export Finance Organisation, the Overseas Private Investment Cooperation, the German Export Development Bank, and the Export Development Bank of Canada, with the rest of the investments of the project being provided by shareholders.
Carbon Holding signed an agreement in June with Mohab Mamish, the chairperson of the SCZone, as well as Bassel El Baz, the chairperson of Carbon Holding, to establish the largest petrochemicals complex with an investment value of $10.9bn.
Furthermore, Kamal pointed out that the complex is the first project to crack naphtha in Egypt, and many kinds of petrochemicals will be produced from it.
The project is composed of a giant naphtha cracking unit, with a capacity of 4m tonnes annually, in addition to three polyethylene production lines, as well as two polypropylene production lines.
Carbon Holding has signed 71 contracts and agreements, including land contracts, project consultant contracts and license owner contracts under the umbrella of financial and legal advisors of the Export-Import Bank of the United States.