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Petroleum: Signing two agreements to implement engineering works and designs for the Red Sea Complex project

Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, witnessed the signing of two agreements between the petroleum sector and the American Bechtel Group to implement the basic engineering works and designs for the Red Sea Petrochemical Complex project and to form a coalition to implement the project, which will be set up in the economic zone in Ain Sukhna, which is the largest petrochemical project in Egypt and Africa, and will be held at a cost An investment of $7.5 billion, and includes a complex for the production of value-added petrochemical and petroleum products such as polyethylene, polypropylene, polyester, bunker fuel and other products for the local market and for export.


The agreement for the implementation of engineering and design works was signed by Brendan Bechtel, Chairman and Managing Director of the American Bechtel Group, and Eng. Karim El-Desouky, General Manager of Bechtel Egypt, and for the petroleum sector, Eng. Mohamed Abadi, President of the Red Sea National Refining and Petrochemical Company, Eng. Ashraf Bahaa, President of Enppi, and Engineer Walid Lotfy, President of Petrojet The President of the American Bechtel and the Presidents of Enppi and Petrojet also signed an agreement to form a coalition to implement the project.


The terms of the two agreements are the last stage ahead of the official agreement planned to be signed between the Red Sea National Refining and Petrochemical Company and the American company Bechtel in early August. And the tasks needed to implement the project, where the three companies will cooperate together for the first time in order to complete the engineering and designs for this huge project.


For his part, Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, affirmed that this project, which is the largest of its kind in Egypt and Africa, represents a model for projects that reflect the new direction of Egypt to build major projects and a strong petroleum industry that contribute to increasing local production and export, maximizing added value and achieving sustainable growth. That the political leadership pays full attention and provides a supportive and motivating environment for the speedy completion of major petroleum projects that raise Egypt's production capabilities and enhance its competitiveness in vital industries such as petrochemicals.


He pointed out the importance of reaching this agreement, which represents a critical stage in the development of the Red Sea Petrochemical Project in partnership with Bechtel, adding that Bechtel, which has achieved remarkable success around the world, has written, during nearly fifty years of work in Egypt, an unprecedented record of success and commitment to work. With Egyptian companies in the petroleum sector in successful projects.


For his part, Brendan Bechtel, Chairman and CEO of Bechtel Corporation, said: “It is a great honor to be chosen for this historic mega project, which enhances President Sisi’s vision to unlock new capabilities and diversify the Egyptian petrochemical market.


He added, "I am grateful for the trust that the Egyptian Ministry of Petroleum has given us, and we are very excited to deepen our long-term relationship with Enppi and Petrojet through this consortium."


US Ambassador to Egypt Jonathan Cohen stated: “From the perspective of the US government, we are pleased to see Bechtel, one of the leading engineering and construction companies in the United States, take a leading role in the most important petrochemical investment in Egypt, which reinforces the component The commercial partnership of the US-Egypt strategic partnership, which is flourishing in many directions.


The signing was attended by Stuart Jones, Head of Regional and Institutional Relations at the American Bechtel Group, chemist Saad Helal, President of the Egyptian Petrochemical Holding Company, Engineer Mohamed Abdel Aziz, Undersecretary for Projects, Eng.