Home / Knowledge / News / Textiles / GE inks deal to build $500mn naphtha cracker in Egypt
GE inks deal to build $500mn naphtha cracker in Egypt
Nov '13
US-based firm General Electric Co. (GE) and Egyptian private company Carbon Holdings have signed a US$ 500 million agreement to provide technology and equity support for the building of a Greenfield naphtha cracker and olefins complex in the Tahrir petrochemicals complex in Ain Sokhna, located in the Gulf of Suez in Egypt.
As part of the partnership, GE and Carbon Holdings will provide equity financing and advanced technologies to the new petrochemicals complex, reports the State Information Service of Egypt.
Egyptian Minister of Industry and Foreign Trade Mounir Fakhri Abdel-Nour, who witnessed the signing of the agreement, said Egypt is focused on providing a strong and business-friendly environment for investors, and in addition to facilitating easy procedures that promote industrial investments, the country is committed towards bringing advanced technological partnerships that can benefit the national economy.
According to the Minister, the US firm’s partnership in one of the largest industrial projects in Egypt highlights the growing confidence of foreign investors in the country, and the project would definitely be a strong value-addition to the nation’s economy.
John Rice, vice chairman of GE, said the GE’s commitment to the project in Egypt cuts across all other business and the firm is looking forward to more projects in the country.
Basil El-Baz, CEO of Carbon Holding, said the construction of the cracker would begin sometime in 2014 and is expected to be completed in around 4 years time. The petrochemical facility is expected to create thousands of jobs in the region, he added.
The project has been billed as the world’s largest naphtha liquid cracker plant with an annual production capacity of 1.36mn tons of ethylene and polyethylene, with significant quantities of propylene, benzene, butadiene and linear alpha olefins.
Carbon Holding is an industrial developer and operator implementing downstream and oil and gas projects in Egypt, and GE is US’ biggest industrial corporation engaged in energy, oil gas, and power, among others.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 29th May 2017

Special package creates 7,50,000 jobs in garment sector

The special garment package of Rs 6,000 crore that was introduced by...

Md Siddiqur Rahman, president, BGMEA, addressing a press conference with other dignitaries. Courtesy: BGMEA

Apparel/Garments | On 29th May 2017

BGMEA asks govt for 5% incentive for 2 years in Budget

The Bangladesh Garment Manufacturers and Exporters Association...

Textiles | On 29th May 2017

Tintex, Bruckner bring new effects to knitted fabric

The textile company Tintex has joined hands with the system supplier...

Interviews View All

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Marcel Alberts

Coating at a fibre level is a practice not usually seen in the...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search