MOSCOW (MRC) – Carbon Holdings, a mid-to-downstream petrochemical company and catalyst of industrial development in Egypt, signed 48 key project documents for its USD10.9 billion Tahrir Petrochemicals Company (TPC), officially launching a world-scale petrochemicals complex that, once operational, will help double Egypt’s total exports and create thousands of direct and indirect jobs, as per Hydrocarbonprocessing.
Senior members of the Egyptian Council of Ministers’ economic team were present for the ceremony, including HE Tarek El Molla, Minister of Petroleum; Admiral Mohab Mameesh, Chairman of the Suez Canal Economic Zone; and Admiral Hisham Abu Senna, Chairman of the Red Sea Ports Authority. Distinguished diplomats present included ambassadors from the United Kingdom, United Arab Emirates, and China, as well as chiefs of mission from the United States and Germany.
Participating in the event were senior officials from international finance institutions, including Societe Generale, debt financial adviser, represented by Richad Soundardjee, Group Chief Regional Officer, corporate and Investment Banking, and Lazard, an adviser to Carbon Holdings, represented by Xavier Atieh, Managing Director Head of the Middle East and Africa. Joining them to witness the signing were Abdulla Mazrui, Youssef Al Nowais, Osama Kamal, and Tania Issa from Carbon Holdings' board of directors.
"The message today is clear: Egypt is emerging as an industrial and export powerhouse. We have just made crucial progress towards the establishment of TPC as the centerpiece of a new, global-caliber manufacturing hub,” said Carbon Holdings Chairman and Chief Executive Officer Basil El-Baz. “This vision is to attract investment from global development finance institutions, export finance agencies, and other sophisticated investors. Located in the Suez Canal Economic Zone, in the heartland of the nation’s oil and gas industry, TPC will both drive industrial development and lead export growth. Its $8 billion in projected annual exports will by themselves result in a dramatic increase in Egypt’s total exports, while its output will make it possible for Egyptian manufacturers to make and export a range of products including plastics and packaging, paints and solvents, adhesives, floor coverings, and more.
MRC