Daily News Egypt? cited an undisclosed official that upon successful negotiations, the UAE government would give shares to the Egyptian government, which is represented by Egyptian Petrochemicals Holding (ECHEM).
The total cost for the development of the complex is expected to be approximately $6.8bn.
About 65% funding for the project will be provided through banks and about 35% will be self-funded or from foreign-government funds, including the potential UAE contribution.
The Tahrir Petrochemical Complex construction is expected to commence by 2015 and would take 45 months to complete.
Expected to create around 20,000 job opportunities during the construction phase, the project would increase the country’s overall annual exports by more than 25% when it becomes operational.
The petrochemical complex will feature a 4 million tonne per annum naphtha cracker plant as well as related downstream facilities with capacity to produce 1.4 million tons per annum of ethylene and polyethylene, 900,000tpa of propylene, 250,000tpa of butadiene, 350,000tpa of benzene and 100,000tpa of hexene-1.
