Cairo, 30 December 2004, Egypt’s minister of petroleum Eng. Sameh Fahmy has witnessed the contract signing of the leasing & exploitation of a large area of land located at Mubarak Complex for Natural Gas & Petrochemicals within Damietta Port to establish basic and intermediate petrochemical projects.
The contract had been signed between the Egyptian Petrochemicals Holding Co. ECHEM and the Damietta Port Authority. The contract duration is 25 years from the production date or 33 years from the handing over of the land.
Projects to be constructed in Damietta comprise a $ 500 million methanol plant to produce 1.3 million tons / year and another $ 700 million urea/ ammonia plant to produce 3,500 tons/ day.
Mubarak Complex includes the recently completed SEGAS plant, which is expected to load its first cargo of LNG this month. The plant was built by the Spanish-Egyptian Gas Company at a cost of 1.3 billion US dollars.
