Home / Knowledge / News / Textiles / GE inks deal to build $500mn naphtha cracker in Egypt
GE inks deal to build $500mn naphtha cracker in Egypt
29
Nov '13
US-based firm General Electric Co. (GE) and Egyptian private company Carbon Holdings have signed a US$ 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

Courtesy: Fashion Revolution/Fashion Transparency Index

Apparel/Garments | On 23rd Apr 2018

Transparency helps in swiftly alerting brands

Disclosing key supplier, supply chain and operational information...

Japan’s clothing imports up 4% in fiscal 2017

Apparel/Garments | On 23rd Apr 2018

Japan’s clothing imports up 4% in fiscal 2017

Japan’s imports of clothing and accessories increased by 4 per cent...

Courtesy: Fashion Revolution/Fashion Transparency Index

Fashion | On 23rd Apr 2018

Top global fashion brands now more transparent

Fashion Revolution’s Fashion Transparency Index 2018 reveals Adidas...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Marcel Alberts
Eurofibers

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

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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