Minister of Petroleum Tarek El Mollah said on Tuesday 13/7/2021 the construction of Red Sea Petrochemicals Complex will place Egypt on top of the countries producing high-quality petrochemicals.

The minister’s remarks were made during a ceremony of signing a deal between the Red Sea National Refining and Petrochemicals Company and the French company Axens to implement the engineering works of the project of Red Sea Petrochemicals Complex.

Red Sea Company Chairman Mohammed Abbadi signed the contract for the Egyptian side, while Axens Executive Director Jean Sentenac signed for the French company.

French Ambassador in Cairo Stéphane Romatet also attended the event.

Axens will provide the special technology for the complex to produce hydrogen-processed mazut and other petrochemicals.

Axens is a French company specialized in the energy and petrochemicals sector, active in the refining, organic chemistry, gas and renewable energies.

Axens has been cooperating with Egypt in the oil sector for many years. It has carried out major projects in Suez and Assiut and has also been a key factor in training human cadres in the oil sector in Egypt.

After the signing ceremony, Mollah said France is a strategic partner for Egypt in various fields, highlighting France’s joining the East Mediterranean Gas Forum to support its activities since the beginning.

He said the total investment of the project hits $7.5 billion to produce high-quality petrochemicals to meet the local needs and the surplus will be exported to contribute to increasing the State’s revenues.

Meanwhile, the director of the French company asserted that his company is committed to provide Egypt with the latest technologies and implement the agreements upon a set schedule.

Source: State Information Service Egypt