Egypt will build a $7 billion petrochemical complex in New Alamein with a group led by Shared Capital Partners
A group of investors led by Shared Capital Partners has made a deal with Egypt’s Ministry of Petroleum and Ministry of Investment to build a petrochemical complex in the industrial area of New Alamein City, according to a statement on Friday.
Petrochemical Complex
A group of companies is working together on this project. These include Royal Strategic Partners from the UAE and Al-Qahtani Group from Saudi Arabia. Another company, Shared Capital Partners, is also discussing a deal with Orascom Construction to help build and run part of the project.
The project will cost about $7 billion. During construction, it will create 20,000 jobs, and once it starts running, it will provide 3,000 permanent jobs. The complex will produce about 3.1 million tons of eight different petrochemical products every year.
The facility will use crude oil as its main material. It will include both a refinery and a steam cracker unit, which will help convert the crude oil into useful chemicals efficiently.
The project will use advanced American and European technology, including solutions from Honeywell and other big companies.
Toby Raincock, CEO of Shared Capital Partners, said:
“This complex will help Egypt grow its industry, expand exports, create jobs, and boost the economy in the region.”
Energy Efficiency Project
Last week, Egypt and Saudi Arabia signed an agreement to improve energy efficiency in Egypt. The agreement was signed in Cairo during the Egypt International Energy Conference (EGYPS 2025).
Under this agreement, both countries will:
- Set energy efficiency standards
- Offer training programs
- Develop energy service companies
They are also considering creating a joint company with Saudi Arabia’s National Energy Services Company (Tarsheed). This company would focus on renewable energy and energy-saving projects in Egypt.
Additionally, during the conference, a deal was signed between Egyptian Electricity Transmission Company (EETC) and Saudi Arabia’s ACWA Power. This agreement is for a wind energy project in Hurghada, on the Red Sea. The project will have a capacity of up to 2 gigawatts (GW), supporting Egypt’s renewable energy goals.
Published: 24th February 2025
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