Egypt invests heavily in large-scale petrochemical projects
Egypt will spend 3.7 billion U.S. dollars to build large-scale petrochemical projects, and for this reason, the U.S. and South Korean Export-Import Bank will provide Egypt with a total of US$2.6 billion in loans to help Egypt build this large-scale petrochemical company.
The report said that the U.S. Export-Import Bank has in principle approved to provide Egypt with 1.4 billion U.S. dollar loan assistance for this project, and the Korea Export-Import Bank has approved 1.2 billion U.S. dollars in loan assistance.
The large-scale petrochemical project in Egypt is located in the Suez Industrial Zone near the Red Sea, with a total area of ​​about 2 million square meters, and it is expected that the project will be officially started in the second quarter of next year, and will produce 3.5 million tons of petrochemical products for the domestic market each year after completion. In addition, each year, 414,000 tons of benzene, 662,000 tons of propylene and other chemical products will be exported to the international market.
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