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ECHEM Launches Complex for Ethylene & its Derivatives

Source: www.gulfoilandgas.com 3/31/2011, Location: Africa

The Egyptian Holding Company for Petrochemicals (ECHEM) has confirmed that a consortium of banks will provide $ 925 million to finance the development of the ethylene and derivatives complex in Alexandria with a total investment of $ 7 billion Egyptian Pounds. According to ECHEM, the project will create 10 thousand direct and indirect jobs.

ECHEM clarified in a statement, that the consortium includes Misr Bank, Commercial International Bank (CIB), National Societe Generale Bank (NSGB), and Arabic African International Bank.

ECHEM has also indicated that the complex comprises several projects for the production of ethylene, polyethylene and derivatives of butadiene, in addition to the necessary facilities. The estimated time schedule for the project is 36 months. The complex will produce 460 thousand tons of ethylene per year, depending on the ethane -propane gas produced in the Western Sahara complex in Alexandria.

Major shareholders contributing in this project include ECHEM, Sidi Krier Petrochemicals Company (SIDPEC), GASCO, in addition to a number of state-owned banks including the National Bank of Egypt, the National Investment Bank, Misr Bank, and Nasser Social Bank.

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