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: American Silk Mills

Textiles | On 18th Oct 2017

Sutlej Textiles adds American Silk Mills to its portfolio

Sutlej Textiles and Industries Ltd (STIL) has announced the...

Arvind Limited executive directors Punit Lalbhai (left) and Kulin Lalbhai explaining the project to Gujarat chief minister Vijay Rupani. Courtesy: Arvind Ltd

Apparel/Garments | On 18th Oct 2017

Arvind to set up mega apparel facility in Gujarat

Arvind Limited, one of India’s largest textile to retail...

Cotton stocks accumulating everywhere outside of China

Textiles | On 18th Oct 2017

Cotton stocks accumulating everywhere outside of China

Global cotton stocks outside of China are expected to rise by nearly...

Interviews View All

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marcel Alberts
Eurofibers

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

Giorgio Mantovani
Corman S.p.A

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

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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

October 2017

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
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

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
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

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
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

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
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


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