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MOU for a petrochemicals project was signed by prominent US and Egyptian companies

July 01/2011

(the Daily news Egypt) -- Amid heightened optimism about Egypts economic prospects at the Egypt: Forward Forum, an MOU for a multi-billion dollar petrochemicals project was signed by prominent US and Egyptian companies Tuesday.

Basil El-Baz, founder and CEO of Egypt Basic Industries Corporation (EBIC), as well as Chairman and CEO of Carbon Holdings, inked the first of a series of agreements for the development of a USD 3.5 billion naphtha cracker and olefins complex project that will be jointly developed with US companies. Financed by the Export-Import Bank of the United States, the mega project is expected to create some 3.000 jobs.

The signing of the MOU crowned what most delegates described as a successful forum, which, above all, aimed to boost the confidence of US businesses in Egypt as well as emphasize partnerships and trade as the way forward, setting the scene for the rise of a new generation of entrepreneurs in the new Egypt following the fall of the previous regime.

According to the United States Trade and Development Agency, which hosted the forum and oversaw the signing of the MOU, the first phase of an ambitious 20-year plan to develop Egypts petrochemical industry at an overall cost of USD 10 billion was completed in 2008 at a cost of USD  3.8 billion.

The majority of the existing petrochemical plants are producing under-license from US companies, which have a market share of approximately 26%. Market demand for petrochemicals in Egypt is estimated at 6% annually.

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