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Drake & Scull signs Egyptian petrochemical project deal
21
May '14
Drake & Scull International, a regional market leader in the integrated design, engineering and construction disciplines of General Contracting, Mechanical, Electrical and Plumbing (MEP), Water and Power, Rail, and Oil and Gas, has recently signed an agreement with Egypt-based company Carbon Holdings as part of the Tahrir Petrochemical Corporation (“TPC”) Project development located at the entrance of the Suez Canal in Ain Sokhna, Egypt.
 
Under the terms of the agreement DSI will exclusively join the international consortium of companies comprising Maire Tecnimont S.p.A., a leading world conglomerate in Engineering & Construction, Technology & Licensing and Energy and Ventures and Archirodon Group, a large diversified international contracting organization to collaboratively undertake the Engineering, Procurement, Construction and Commissioning (EPCC) activities related to the Utilities and Offsite Facilities of the project. 
 
The scope of work for DSI will encompass the complete OSBL construction works and civil works, including storage facilities and ancillary buildings for an approximate contract value of AED 2.2 billion. Egypt’s Carbon Holdings is aiming to commence construction of its $5bn-plus TPC Project in 2015.
 
TPC is seeking to secure in excess of $3.4bn of funding and loan guarantees from the Export-Import Bank of the United States, The Export-Import Bank of Korea, the Korea Insurance Corporation and the Italian Export Credit Agency, SACE.  The megaproject which includes Egypt’s first naphtha cracker will create in excess of 20,000 jobs during the construction phase, Carbon Holdings said. 
 
Once complete, the project will comprise a 4 million tonne-a-year (t/y) naphtha cracker and related downstream facilities  with the capacity to produce 1.4 million t/y polyethylene, 900,000 t/y propylene, 250,000 t/y butadiene, 350,000 t/y benzene and 100,000 t/y hexene-1. In December last year TPC signed the EPC contract for the ISBL with Linde and SK ENC.  
 
Carbon Holdings anticipates the Project will be a driving force for other petrochemical and downstream projects in Egypt and could create up to 100,000 direct and indirect jobs in related industries.


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