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In a sign of new hope for the investment climate was launched a new project for Petrochemicals which is the project of “El Tahrir” company , this project is basedon the establishment of a petrochemical complex in the industrial zone of northwest of Suez Gulf, with a total investment cost of U.S. $ 3.7 billion.
Osama Saleh, chairman of the general Authority of Investment and Free zones(GAFI) said during the meeting held by the investing company yesterday in Washington, that despite the effects witnessed by the Egyptian economy generally, and the investment climate in particular, during the past months, following the revolution of January 25 and the direction of Egypt towards the democratic transformation, the petrochemical industry has survived and continued to implement the planned projects in Egypt according to their planned time program.
For his part, “Basil El-Baz”, Chairman of the Egyptian Company for hydrocarbons, assure that the project to be constructed on an area of 2 million square meters consists of unit naphtha cracker according to international specifications with annual production 5.3 million tons, which is the output of the cracker manufacturing various products of the petrochemical approach for local consumption and export, annual production capacity of 3.1 million tons of polyethylene, 662 thousand tons of polypropylene, as well as 414 thousand tons of benzene ring, and 214 thousand tons of butadiene.
It is expected that the volume of labor for the project during the construction phase of approximately 20 thousand employees in addition to 100 thousand indirect employment.
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