Egypt Daily News – The Egyptian government signed a framework agreement on Wednesday with a British company and a Saudi group to establish a petrochemical complex with investments worth $7 billion.
The Ministry of Petroleum and Mineral Resources announced in a statement that the signing took place on the sidelines of the Egypt International Energy Exhibition and Conference (EGYPS 2025). The agreement was signed with the UK-based “Shark Capital” and the Saudi “Al-Qahtani” Group to develop a petrochemical production complex in New Alamein on the Mediterranean coast.
Egyptian Petroleum Minister Karim Badawi stated that the project aims to maximize the added value of the country’s resources by producing high-quality petrochemical products, which will contribute to boosting Egypt’s economy through increased production and exports, generating foreign currency revenues.
Badawi also emphasized that the new complex will adopt technologies that ensure environmental sustainability and efficiency, adhering to the highest environmental standards, while also contributing to the development of the surrounding area and local communities.
Additionally, the Egyptian government announced in a separate statement that during the conference, two agreements were signed with investments of $13.5 million to boost crude oil production in the Western Desert.
