Mammoth Project Egypt Paves Way for $ 10.9 Billion Petrochemicals Project
With the long-expected Tahrir project, Egypt is intending to build the largest petrochemical project in the Middle East. Eleven plants including a Naphta Cracker will produce about 1.5 million tons of ethylene and 880,000 tons of propylene.
Cairo/Egypt — The mega project will be build in the Suez Canal special economic zone, local media quote the country's cabinet. The complex will be owned and operated by the Tahrir Petrochemicals Corporation (TPC), which was established by Carbon Holdings in 2011. TPC will produce 1.5 million MTA of ethylene which will be converted into 1.35 million MTA of high density polyethylene and Linear low density polyethylene, 880,000 MTA of polymer grade propylene, 880,000 MTA of polypropylene, 250,000 MTA of butadiene, 350,000 MTA of benzene and 150,000 MTA of gas oil. These products will service domestic downstream consumption in Egypt as well as global demand.
The construction is planned to take three and a half years. According to the Egyptian newspaper Al Masry Al Youm, the Carbon Holding wants to raise $ 250 million at the Egyptian and at the London stock exchange until the first half of 2019. After operations starts at the complex, the country expects its exports to increase by eight billion Dollar annually.